After serving for 25 years at the luxury department store, Harvey Nichols, CEO Manju Malhotra has stepped down from her position.
In January 2020, Malhotra was promoted as the chief executive and will officially leave the company by the end of this year.
Pearson Poon, the son of Sir Dickson Poon, who has been the owner of Harvey Nichols through his company Dickson Concepts since 1991, will take over as Malhotra’s replacement.
While a permanent replacement is searched for, Pearson Poon, an executive director, will assume the role of vice chairman.
Expressing her thoughts, Malhotra said, “I have had an incredible 25 years at Harvey Nichols, starting from a member of the finance team to becoming CEO.”
She continued, “I feel fortunate to have had the opportunity to work with many talented individuals and partners both in the UK and internationally.”
“Together, we have strengthened Harvey Nichols, leveraging its position in the market as a luxury destination, offering exceptional in-store and digital customer experiences,” added Malhotra.
Sir Dickson Poon, Chairman of Harvey Nichols, praised Malhotra’s contribution, stating, “Manju has played a crucial role in navigating the business through unprecedented times and establishing solid foundations that we will continue to build upon in the future.”
Harvey Nichols has been struggling to recover since the onset of the pandemic.
The luxury department store retailer suffered losses of £30 million in the year leading up to May 2022, a significant decline from the £2.7 million profit in 2020.
Although sales for the period increased by 58% to £192 million, compared to £121 million the previous year, they still fell short of the pre-pandemic figure of £222 million.