What:  Harvey Nichols released its fiscal results for 2021

Why it is important:  Numbers speak for themselves: -45% in turnover, which gives an insight of the extent of the situation for Harrods and Selfridges.

Harvey Nichols, owned by Dickson Pool, saw its sales dip and losses increase, from £222,1 m in 2020 to £ 121,3m in 2021 in terms of sales, and from -£1,1m in 2020 to -£28,1m in 2021 in terms of losses.

Such results are due to lockdown leading to store closures for 8 months out of 12, Brexit and a sharp decline in terms of tourist arrival. There is however no talk of closing any of the 8 stores in the UK and 6 overseas as they keep the support of their owner.

Revamp in terms of offer, IT systems and customer loyalty programme are underway in order to make sure the company remains competitive once the business reopens, also through partnerships with Farfetch and Ocado.

Harvey Nichols’ losses widen but remains well funded