PRESS: Next, Frasers to table rival takeover offers for Harvey Nichols
Next PLC and Frasers Group PLC will bid competing takeover offers for department store chain Harvey Nichols, Sky News reported Tuesday.
The news comes on the same day as Shirebrook, England-based retailer Frasers said its takeover offer for German fashion label Hugo Boss AG is now unconditional, after receiving clearance from the European Commission. Hugo Boss has a market capitalisation of around EUR2.62 billion.
On July 14, Sky reported that Harvey Nichols had agreed to Frasers's request to enter a group auction. On July 4, Sky had reported that Next plotted its takeover bid for Harvey Nichols.
An outcome from the group auction is expected "within days," Sky reported, citing one prospective buyer of the brand.
The process to draw bids from UK-based suitors is running ahead of parallel discussions with international bidders for Harvey Nichols.
Frasers shares were up 0.7% at 785.00 pence each on Tuesday morning in London, while Next shares were 1.1% higher at 15,210.00p each.
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