THE WHAT? Next is preparing a potential bid for luxury department store chain Harvey Nichols as the retailer continues to expand its portfolio of British retail brands through acquisitions.
THE DETAILS According to Sky News, Next is in the early stages of evaluating an offer for Harvey Nichols, which has been put up for sale by owner Sir Dickson Poon. Harvey Nichols operates stores across the UK and internationally but has reported five consecutive years of losses, with revenue falling to £204.8 million and pre-tax losses widening to £34 million in its latest reported financial year. Next has previously acquired brands including FatFace, Joules, Russell & Bromley and Made.com, while also securing UK distribution partnerships with Gap and Victoria’s Secret.
THE WHY? A successful acquisition would strengthen Next’s position in the UK premium retail market and could provide a new platform for expanding its luxury fashion and beauty offering, while giving Harvey Nichols access to the operational expertise of one of Britain’s strongest retail groups.
Source: Sky News
