What: Harvey Nichols has appointed Julia Goddard as its new chief executive.

Why it is important: This leadership change comes at a critical juncture for Harvey Nichols as the company navigates through financial challenges, including the impact of ending tax-free shopping in the UK and widespread inflationary pressures.

Julia Goddard, with 14 years of experience at Alexander McQueen, notably as president of the EMEA region, has been appointed the new CEO of Harvey Nichols following Manju Malhotra's departure after 25 years. She will report to Sir Dickson Poon and Pearson Poon, the chairman and vice chairman of the company, respectively. This leadership transition occurs as Harvey Nichols confronts significant industry challenges, including financial pressures from changes in tax regulations and ongoing inflation. Additionally, the company is undergoing a strategic reorganization, which includes job cuts affecting 5% of its workforce as part of its effort to achieve profitability. Despite these challenges, Harvey Nichols reported an expected 13% increase in revenue for FY 2023, amounting to GBP 216.6 million, and a 30% reduction in losses. Goddard's appointment is pivotal as the company seeks to stabilize and grow in a tumultuous retail landscape.

Harvey Nichols appoints new CEO