Key facts
- Next is reportedly preparing a takeover bid for Harvey Nichols.
- The plans are in the early stages of development.
- Harvey Nichols has instructed financial advisers to seek offers within two weeks.
- Next recently acquired Russell & Bromley for 2.5 million pounds.
British clothing retailer Next is reportedly in the early stages of preparing a takeover bid for the luxury department store chain Harvey Nichols. Sky News reported that financial advisers for Harvey Nichols have informed potential bidders that they have two weeks to submit an offer.
Reuters could not immediately verify the report, and neither Next nor Harvey Nichols immediately responded to requests for comment. Harvey Nichols, founded in 1831, sells a range of luxury goods including cosmetics, fashion, food, and wine.
This potential acquisition follows Next's recent purchase of the footwear brand Russell & Bromley through an insolvency process for 2.5 million pounds ($3.34 million).