Hong Kong SAR China: Mike Ashley’s Frasers Group Is Frontrunner to Buy Knightsbridge Department Store Chain Harvey Nichols. Can It Regain

The retailer’s Hong Kong-based owner, Dickson Poon, put it up for sale in June, with Mike Ashley’s Frasers Group aiming to buy it for about £40m. Harvey Nichols used to attract a high-profile clientele, including the late Diana, Princess of Wales, and its place in popular culture was confirmed in its 1990s heyday by the TV sitcom Absolutely Fabulous, which used the store as a symbol for luxury retail. Yet “Harvey Nicks” has struggled to adjust to increased competition from other shopping destinations, as well as the rise of online retail. The question now is whether a new owner can restore the brand’s former cachet and financial stability.