Retail giant Next is reportedly preparing a bid for luxury department store chain Harvey Nichols after the business was put up for sale by its Hong Kong-based owner, according to Sky News.
The £17.5 billion retailer, which has acquired brands including FatFace, Joules and most recently Russell & Bromley, is said to be in the early stages of considering an offer, although Sky News reports it is "serious" about the proposal.
It remains unclear whether any deal would include Harvey Nichols' regional stores or focus solely on the brand.
Harvey Nichols has been exploring a sale after several years of losses and mounting debts. The retailer posted a £34 million pre-tax loss for the year to March 2024, its fifth consecutive annual loss, while revenues fell 5%.
The company operates stores in Leeds, Edinburgh, Manchester, Birmingham, Bristol and Dublin, alongside its flagship Knightsbridge store, and employs around 1,200 people across the UK.
Neither Next nor Harvey Nichols commented on the reports.
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