Ewan Gleadow3-4 minutes 7/5/2026
The iconic department store employs 1,200 people and its flagship store is just over the road from long-term rival Harrods
A high street giant could swoop in and buy up the department store brand (stock image) (Image: Getty)
A UK high street giant will swoop in and save an iconic department store with 1,200 employees. Harvey Nichols’ majority shareholder Sir Dickson Poon is outlining his exit from the luxury brand after 35 years at the helm. His sale of shares could see the high street giant Next add Harvey Nichols to its growing portfolio.
The popular fashion brand has added Fat Face and Joules to its line-up in the last few years and it could be set to take over Harvey Nichols. Insiders confirmed the deal was in the development stage and that it is currently unclear whether the current Harvey Nichols stores, including the one just opposite rival store Harrods, would remain operating.
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Sky News confirmed reports that a deal was in the early stages. A Next spokesman declined to comment on its interest in Harvey Nichols. The possible takeover deals comes after Harvey Nichols’ executive team met with financial advisors and appointed a team to explore strategic options.
One insider said that talks were already underway with prospective buyers and investors, including a range of parties from around the world. Harvey Nichols currently employs 1,200 people across the UK. Sir Poon has owned the store since 1991 when his Dickson Concepts International group bought the department store from Burton Group.
While the business remains one of the best-known high street luxury stores it has struggled financially in recent years. Harvey Nichols is expected to change hands in the coming months, according to a second insider.
Harvey Nichols could be bought out by Next (file) (Image: Getty)
In the most recent financial year for which financial results are available, revenue fell 5% to £204.8m in the 12 months to March 31, 2024, while losses before tax rose to £34m. It marked the fifth consecutive year of losses for Harvey Nichols.
CEO Julia Goddard was put in place at Harvey Nichols just two years ago and oversaw a recovery plan for the business. This included scrapping its food offerings, closing down the Beauty Bazaar at its Liverpool One location, and investing in the Knightsbridge location.
A boost to digital operations has also been mapped by Goddard and the Harvey Nichols team. One source said key performance indicators were “moving in the right direction” following the refurbishment and investment activities.