Luxury department store Harvey Nichols will launch its own-brand and collections in a bid to double turnover in the next five years. Speaking at the Drapers Fashion Summit, chief executive Joseph Wan stated he was in early-stage planning for the new label.
“Buying third party brands means we only earn the retail margin,” Wan explained. “With this I see a lot of potential.”
“I am not talking about exclusively launching menswear, womenswear or accessories under the Harvey Nichols name,” he added. “I am talking about creating a brand that might have a certain name or be a certain line but that has been created exclusively for us.”
Wan did not give any further specifics, stating that the process was still at “the very beginning”. But he revealed that early next year he will visit the production factories to ensure that the quality and production capacity of the factories is up to scratch.
This strategy is one of four pillars to drive growth in the next five years.
The other elements including seeking product from further afield in order to attract new customers, developing as a truly multi-channel fashion business, and expanding further internationally.
Harvey Nichols is broadening its price architecture to encompass a wider range of product and is also planning to introduce big name luxury brands such as Chanel to attract more luxury tourist shoppers.
“We have to redesign the store in Knightsbridge to enable us to do this,” he said. “We’re much smaller than Harrods or Selfridges so the way we set out the store to maximise space is very important. It is all about editing.
Image: Harvey Nichols