Self-made tycoon Mike Ashley has revealed his interest in snapping-up struggling luxury department store Harvey Nichols after its current owner put it up for sale following head office job cuts10:27, 07 Aug 2026Billionaire Mike Ashley - who has emerged as an unlikely buyer for posh department store Harvey Nichols - claims it is in a “death spiral” and turning around business would be a “huge challenge”.‌The Sport Direct tycoon, who has a long history of buying struggling retailers, has indicated his interest in snapping-up Harvey Nichols after its current owner put it up for sale. The luxury department store, heavily mentioned in BBC sitcom Absolutely Fabulous starring Jennifer Saunders and Joanna Lumley, has suffered several years of losses.‌As well as its famous flagship branch in London’s Knightsbridge, it also has stores in Leeds, Birmingham, Edinburgh, Manchester, Dublin and Bristol. It announced a major shake-up of its operations two years ago, resulting in dozens of job cuts at its head office.‌Self-made tycoon Mr Ashley’s Frasers Group is seen as a possible buyer along with, it has been reported, fashion giant Next. The maverick businessmen gave an insight into his thoughts in an interview with the Financial Times, telling the newspaper he expected Harvey Nichols to be sold for less than £40million.‌“We are more likely to overpay . . . It’s more of a natural fit so we can pay more,” he said, while adding he “wouldn’t be crying a river” if Frasers loses the auction “and I don’t think Next would be either". He added: “I don’t think I’ll be writing a huge cheque, because you’ve got to think about the future losses. If it was a little bit tough before, it is in a death spiral now.”If Frasers were to succeed, Mr Ashley told the FT he would be inclined to keep the retailer’s flagship store in London’s Knightsbridge and its store in Edinburgh trading under the Harvey Nichols brand. However, he said some of its other stores would be rebranded as either House of Fraser or Flannels, both of which are owned by Frasers.Article continues belowThere were about 60 House of Fraser stores when Mr Ashley bought House of Fraser for £90million in 2018, where as there are now just 20.“These department store buildings are so expensive to maintain,” Mr Ashley told the FT. “ If even John Lewis is struggling, it shows how tough it is. I don’t buy things to close them down. I don’t lose money for no reason,” he added.Another part of his empire is Lillywhites, the historic sports store on London’s Piccadilly Circus, which he bought for £11.5million in 2002.