Harvey Nichols aims to regain its prestige

Harvey Nichols is struggling financially, with its last profit occurring before the pandemic and pre-tax losses reaching £35.3 million in 2024. The store, which includes its flagship in Knightsbridge and others in the UK, was put up for sale, with bids from Sir Dickson Poon's ownership, Frasers Group, and Next; Mike Ashley has described the business as being in a "death spiral." Experts suggest the brand has lost its distinctiveness and faces stiff competition from other luxury retailers, despite recent efforts to revamp its physical stores and improve its design focus.

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