Billionaire Mike Ashley, known for rescuing struggling retail businesses, has expressed interest in acquiring luxury department store Harvey Nichols. Ashley views the store as being in a challenging situation and believes turning it around would pose a significant task. Harvey Nichols, a prominent fixture in BBC sitcom “Absolutely Fabulous,” has faced years of financial losses, prompting its current owner to put it up for sale.

Apart from its flagship location in Knightsbridge, Harvey Nichols operates stores in various cities like Leeds, Birmingham, Edinburgh, Manchester, Dublin, and Bristol. The department store underwent a significant restructuring two years ago, leading to staff reductions at its headquarters.

Mike Ashley’s Frasers Group, renowned for its retail ventures, is reportedly considering a bid for Harvey Nichols along with fashion giant Next. In an interview with the Financial Times, Ashley hinted that he anticipates the store to sell for under £40 million. He conveyed a willingness to pay more for a natural fit and suggested that losing the auction would not deeply affect his group or Next.

If successful, Ashley intends to retain Harvey Nichols’ flagship store in Knightsbridge and the Edinburgh branch under the existing brand. However, other locations could potentially be rebranded as either House of Fraser or Flannels, both under the Frasers umbrella. Notably, the number of House of Fraser stores has decreased significantly since Ashley’s acquisition in 2018.

Ashley emphasized the challenges of maintaining department store buildings, citing the struggles even faced by established retailers like John Lewis. He clarified his commitment to not closing down businesses without reason and highlighted Lillywhites, a sports store in London acquired in 2002, as part of his diverse business portfolio.