The Hong Kong-based tycoon, who was formerly married to Hollywood actress Michelle Yeoh from 1988 to 1991, significantly grew the business through franchising and licensing deals before taking it public in 1986.
In addition to his achievements in the business world, Sir Dickson also co-founded a film production company. In 1984, the company signed Ms. Yeoh, a former Miss Malaysia, to star alongside Jackie Chan in a television commercial.
Since the outbreak of the pandemic, Harvey Nichols has faced challenges in returning to profitability. The latest available accounts indicate a total loss of £30 million for the year ending May 2022, compared to £2.7 million in profit before the onset of the pandemic. Revenues for the period amounted to £192 million, an improvement from the previous year’s £121 million, but still falling short of the £222 million posted in the year leading up to the pandemic-induced store closures.
During the pandemic, Sir Dickson injected significant capital into the business to help it navigate through the challenging period of COVID-19 restrictions.
Ms. Malhotra assumed the role of chief executive in January 2020, just weeks before the pandemic hit. She had previously served as co-chief operating officer alongside Daniela Rinaldi.
Reflecting on her time at Harvey Nichols, Ms. Malhotra commented, “I have had the most incredible 25 years at Harvey Nichols, starting from a member of the finance team to becoming chief executive.”
Sir Dickson praised Ms. Malhotra’s contribution, saying she played an instrumental role in guiding the business through unprecedented times and establishing a strong foundation for the future.
In a recent interview with the Telegraph, Ms. Malhotra acknowledged that Harvey Nichols had not been immune to the cost of living pressures, with affluent shoppers also being sensitive to price increases. She emphasized the need for the company to carefully balance its pricing strategy to avoid alienating customers.
Despite the challenges, Ms. Malhotra expressed optimism about the company’s path towards profitability and indicated the possibility of expanding its presence beyond the UK. In addition to its flagship store in Knightsbridge, London, Harvey Nichols has established a presence in Riyadh, Dubai, Hong Kong, and Kuwait.
Ms. Malhotra stated, “There may very well be the right opportunity. Looking at international potential is always something that is on our radar.”
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