UK Retailer Next Seeks to Acquire Luxury Department Harvey Nichols from Hong Kong Billionaire Poon Di-sang

According to Sky News, British fashion retailer Next is in early-stage talks to acquire luxury department store Harvey Nichols, currently owned by Hong Kong billionaire Poon Di-sang, as reported in late June. The retailer has not yet disclosed whether it plans to continue operating Harvey Nichols' stores globally or focus on brand and intellectual property assets.

Founded in London in 1831, Harvey Nichols operates stores across the UK, Hong Kong, and Dubai with approximately 1,200 employees in Britain. Poon Di-sang has held the business for 35 years since acquiring it from the Burton Group for approximately £53 million in 1991. If the sale proceeds, it would end his three-and-a-half decade ownership of the heritage retailer.