Harvey Nichols acquired by Frasers Group saving luxury retailer from administration

By Lynsey Barber | Published: 14-Aug-2026

The nearly 200-year-old luxury department store chain has been saved from administration by Mike Ashley’s retail empire

Harvey Nichols has been bought by Frasers Group, the sprawling retail empire majority-owned by founder Mike Ashley.

The struggling UK luxury department store chain fell into administration in June 2026 and FTI Consulting, the appointed administrators, had been looking for a buyer.

The pre-pack deal will see Frasers Group take over Harvey Nichols’ newly refurbished flagship store in Knightsbridge, London, as well as five further stores in Manchester, Birmingham, Bristol, Leeds and Edinburgh.

Harvey Nichols’ online business, existing inventory and 1,000 employees are also part of the acquisition.

The retailer’s operations outside the UK via franchise agreements will also be part of the deal, and will continue trading under existing licensing agreements.

Harvey Nichols will join Frasers Group’s portfolio of retailers, which includes luxury department store chain Flannels and sports store Sports Direct.

Frasers Group warned that “significant restructuring and integration of Harvey Nichols into the Frasers Group ecosystem will be required to create a sustainable business for the future”, in a statement announcing the deal.

This will include a review and rationalisation of the store portfolio, organisational structure, operating model and cost base.

However, the retail group claimed that it is uniquely positioned to “ right size the business and return it to profitability”.

"Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed,” said Michael Murray, CEO of Frasers Group.

“The turnaround will require tough choices, and we are prepared to make those decisions, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols for the long term.

“By integrating Harvey Nichols into our existing luxury ecosystem, we believe Frasers Group can deliver the expertise, infrastructure and commitment needed to give the business the best chance of long-term success.”

Harvey Nichols has struggled in recent years, with the nearly 200-year-old retailer last year closing its standalone beauty store

Harvey Nichols CEO Julia Goddard added: "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.

“Over the past year, we have made significant progress in repositioning this iconic business, investing in our flagship store, broadening our customer proposition, and strengthening the brand DNA.

“I look forward to working closely with Frasers Group to build on the momentum already underway, driving sustainable growth through greater operational efficiency and enhanced infrastructure, and continued investment into customer experiences to ensure Harvey Nichols remains a distinct and relevant luxury destination for both our customers and brands.

“I am incredibly proud of what our teams have achieved and grateful for the commitment and resilience they have shown throughout this period of uncertainty, which has laid the foundations for this next chapter.”