Mike Ashley's Frasers Group has completed the acquisition of luxury retailer Harvey Nichols, including its portfolio of six stores.
As well as the stores in London, Manchester, Birmingham, Bristol, Leeds, and Edinburgh, the deal includes Harvey Nichols' online business, existing inventory and over 1,000 employees.
Harvey Nichols's restaurant in the Oxo Tower, London, is being sold off separately and is not included in the deal.
Commenting on the acquisition, Frasers Group Chief Executive Officer, Michael Murray, said: "Harvey Nichols is an iconic British institution with significant potential, but it is clear meaningful change is needed. 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 Chief Executive Officer, Julia Goddard commented: "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."
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