Felix Armstrong

Frasers Group, owned by Mike Ashley, has acquired Harvey Nichols after the luxury department store chain entered administration and faced the prospect of collapsing within 12 months without a buyer or emergency funding. Frasers Group chief executive Michael Murray said the turnaround would involve difficult decisions and potentially a smaller business, while Harvey Nichols chief executive Julia Goddard emphasized operational efficiency, infrastructure investment and customer experience. The chain’s turnover fell 5% to £46.6 million in the year to March 2025, while its pre-tax loss exceeded £14 million. Ashley had previously suggested the retailer could be bought for less than £40 million, despite prospective buyers being asked to commit £50 million to £60 million to its recovery.