An extensive revamp of Harvey Nichol’s Knightsbridge flagship has hit profits at the department store.
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Pre-tax profits tumbled to £2.6m for the year to April 2, down from £5.4m the year before.
A new, 8,000 sq ft accessories and jewellery area in Knightsbridge was unveiled last month, introducing new brands such as US designer Tyler Ellis. The space boasts a concierge service that includes handbag repairs and restorations. Harvey Nichols has also opened a 13,000 sq ft Beauty Lounge, offering a range of services and extended opening hours, as well as its 28,000 sq ft refurbished menswear department on its two lower ground floors, which opened in April.
Chief executive officer Stacey Cartwright told the Sunday Telegraph the results reflected the disruption at the store but added consumers are increasingly looking for experiences as well as product.