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Harvey Nichols CEO Manju Malhotra is exiting the business after more than 25 years. The company denied media reports of a dispute between Malhotra and Harvey Nichols owner and chairman Dickson Poon over its strategic direction, saying it was an “amicable decision”.
Malhotra will leave Harvey Nichols at the end of the year and will be temporarily replaced by Poon’s son, Pearson Poon, in the role of vice chairman until a new CEO is found. Dickson Poon has owned Harvey Nichols since 1991.
“On behalf of the board, I want to thank Manju for her loyalty over the years and leadership since becoming CEO. Manju has been instrumental in driving the business through unprecedented times and laid out strong foundations which we will continue to build on for the future,” Dickson Poon said in a statement.
Malhotra joined the British luxury department store as an internal audit manager in 1998 and worked her way up to become group finance director in 2010. A management reshuffle in 2017 saw then CEO Stacey Cartwright move into the role of deputy chairman, and Malhotra and Daniela Rinaldi promoted to co-chief operating officers, charged with leading the day-to-day. Malhotra became sole chief operating officer when Rinaldi left in late 2019, and was named acting chief executive soon after. The appointment was made permanent in January 2021 — making her one of a small handful of women of colour to hold a CEO role in the fashion industry.
Harvey Nichols has been fighting to return to profitability since the pandemic. It has faced major challenges, including more than two years of intermittent lockdowns and the UK government’s decision to scrap the VAT-free scheme for tourists in 2021, which hit retailers in the West End of London hard. Harvey Nichols and fellow British luxury retailers Selfridges and Harrods have called for the scheme’s reinstatement, warning that the British economy is losing out on high-spending American and Chinese shoppers who are re-routing to countries in Europe, where they can reap tax benefits on their purchases.
Harvey Nichols’s operating loss narrowed from £17.7 million for the year ended 27 March 2021 to £3.75 million for the year ended 2 April 2022, Companies House accounts show. Turnover more than doubled from £27.3 million in 2021 to £57.8 million in 2022.
In a statement, Malhotra said: “I have had the most amazing 25 years at Harvey Nichols, starting from a member of the finance team to becoming CEO. I have been fortunate to work with many wonderfully talented people and partners both in the UK and internationally. Together, we have galvanised Harvey Nichols, leveraging its position in the market as a luxury destination delivering exceptional in-store and digital customer experiences.”
Correction: Harvey Nichols is owned by Sir Dickson Poon in his private capacity, not Dickson Concepts as previously stated. (17/8)
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