Frasers Group has acquired luxury department store Harvey Nichols from administrators FTI Consulting. The deal includes six UK stores, online operations, franchise agreements, and over 1,000 employees. The acquisition covers Harvey Nichols' Knightsbridge flagship and locations in Manchester, Birmingham, Bristol, Leeds and Edinburgh. All stores will continue trading, alongside international franchise operations. Frasers acknowledged Harvey Nichols requires extensive restructuring. The 193-year-old retailer reported turnover falling 11% to £69.4 million for the year ended March 2025, whilst operating losses widened from £14.4 million to £177.9 million. It was Harvey Nichols' fifth consecutive loss-making year. Frasers CEO Michael Murray said meaningful change is needed, warning of tough decisions ahead. The acquisition extends Frasers' luxury portfolio, which includes FLANNELS, The Webster and HULCAN's MILE.

Mike Ashley has taken a major stake in Burberry as he seeks to expand his luxury retail empire. The billionaire’s Frasers Group disclosed a 4.2pc interest in the struggling trench coat maker on Tuesday worth around £160m. The purchase will make Frasers, which also owns Sports Direct, Flannels and House of Fraser, Burberry’s fifth biggest shareholde...

Frasers Group chief executive Michael Murray has criticised Labour's business rates overhaul, warning it is forcing retailers to cut high street investment. The April revaluation of the tax system, based on shop property values, resulted in higher bills for thousands of chains. Murray said spending millions on store refurbishments only to face increased tax bills "makes zero sense". He also opposed Andy Burnham's proposal for a 20% business rates discount for pubs and music venues, funded by higher taxes on large retail warehouses. Despite the challenging environment, Frasers continues expanding its physical retail presence. The company has invested heavily in larger Sports Direct stores, shedding its discount image through refurbishments and adding premium brands.