Harvey Nichols is cutting a number of jobs as it looks to refocus on its core fashion and beauty proposal. The British luxury retailer confirmed the news to FashionUnited, stating that around 5 percent of its employees will be impacted by the restructuring of some teams and changes to several business activities.
The shift comes as part of a three-year transformation programme at the retailer, which, among other things, includes a refurbishment to its Knightsbridge flagship store.
An integral part of its plan also zones in on fashion, evidenced by the introduction of 75 new fashion brands for 2025. With this, the company is aiming to fuel growth and return to profitability.
While Harvey Nichols was unable to comment on exact details of the restructuring, for which consultations began May 21, the company did confirm that areas like food products and sub business activities that didn’t align with the current business strategy were being looked at.
Net loss reportedly widens
The exact number of roles to be impacted was also not confirmed. However, a report by The Times suggested that 70 jobs have been put at risk.
The media outlet further stated that unpublished figures, which it said it had seen, saw Harvey Nichols’ net loss before tax increase to 34 million pounds in the year to March 31, 2024, up from 21 million pounds in the year prior.
In a statement to FashionUnited, a spokesperson for the company said: "Harvey Nichols is undergoing a significant transformation to re-establish the brand as a British icon and flagship destination.
“This involves major changes, including a substantial refurbishment of our Knightsbridge flagship store to significantly enhance the store’s attractiveness and customer experience.
“As part of this transformation, we have already secured 75 new fashion brands for 2025. In line with this strategy and the focus on our core fashion and beauty edit we are putting forward proposals regarding the non-core areas of our business and the restructuring of some of our teams.
“We are committed to supporting all affected employees through this transition and ensuring the long-term success of our business.”