Frasers Group has acquired department store chain Harvey Nichols from FTI Consulting, the business consulting company that had been appointed administrator to oversee its sale.
Owned by billionaire Mike Ashley, the UK retail conglomerate has not confirmed the value of the transaction, though several media outlets have reported it to be £40m ($53.9m).
Harvey Nichols had been struggling with trading and operational pressures for some time before the sale.
Harvey Nichols CEO Julia Goddard said: "Today marks an important milestone for Harvey Nichols and provides a strong platform for the next phase of the business's evolution under the ownership of Frasers Group."
The acquisition brings six UK stores into Frasers' portfolio: the Knightsbridge flagship in London, which recently underwent refurbishment, together with outlets in Birmingham, Bristol, Edinburgh, Leeds and Manchester.
#outlets
Owned by billionaire Mike Ashley, the UK retail conglomerate has not confirmed the value of the transaction, though several media outlets have reported it to be £40m ($53.9m).
Harvey Nichols had been struggling with trading and operational pressures for some time before the sale.
Harvey Nichols CEO Julia Goddard said: "Today marks an important milestone for Harvey Nichols and provides a strong platform for the next phase of the business's evolution under the ownership of Frasers Group."
The acquisition brings six UK stores into Frasers' portfolio: the Knightsbridge flagship in London, which recently underwent refurbishment, together with outlets in Birmingham, Bristol, Edinburgh, Leeds and Manchester.
#outlets
2 months ago
