Owner’s Son Pearson Poon Takes Interim Role as Vice Chairman Amid Search for New Leadership
Manju Malhotra, the stalwart chief executive of Harvey Nichols, is set to depart from the luxury department store. After holding her role for just over three years, she’ll be succeeded temporarily by Pearson Poon, son of the retail magnate Sir Dickson Poon, as vice-chairman while the hunt for a permanent CEO is underway.
Sir Dickson Poon, who has owned the iconic British store since 1991, expressed gratitude for Malhotra’s contributions, stating, “Manju has been paramount in steering the business through unparalleled times and establishing robust foundations on which we intend to further build.”
Prior to her CEO position, Malhotra had an illustrious career with Harvey Nichols. She served as its chief operating officer and ascended to finance director in 2010.
The retail business, owned by Hong Kong tycoon Dickson Poon through Dickson Concepts (which also holds licenses in China), has faced financial challenges over the past few years. Despite the headwinds, Poon remains optimistic about its prospects, emphasizing the positive strategic direction of the company.
My 25-year journey with Harvey Nichols, transitioning from a finance team member to the CEO, has been truly remarkable. I’ve had the privilege to collaborate with numerous gifted individuals and partners, both domestically and on the international front.
Manju Malhotra
The latest financial records showed Harvey Nichols registering a revenue increase of 58% to £191.7 million for the year ending April 2, 2022. This uptick is a testament to the resilience of the brand and the returning international clientele post-COVID-19. However, the flagship store in Knightsbridge has yet to fully bounce back to its pre-pandemic performance.
Malhotra was among the prominent business leaders advocating for the UK government to reinstate tax-free shopping for overseas visitors. She emphasized the competitive disadvantage the UK faces, cautioning that without such incentives, international tourists might favor destinations like Paris and Milan for their luxury shopping sprees.
The future of Harvey Nichols now rests in the hands of its leadership as they navigate the shifting landscape of luxury retail, balancing legacy with adaptation in these dynamic times.