Harvey Nichols traditionally targets shoppers between 25 and 45, has chosen to target younger shoppers who are between 15 – 21 years and never experienced previous recessions. This group is unlikely to curb their spending, which forms part of Wan’s three-pronged approach to boost business during the downturn.
Wan said that his decision to publicise details of Harvey Nichols’ profit fall in its last financial year represented positive action, because in his view, it provided clarity and allowed staff to focus on improving performance. “The purpose of the headlines was to get the bad news out of the way and trade forward with confidence and optimism”, he said.
Regardless of the length and depth of the recession Wan was confident that Harvey Nichols could look forward to renewed profit growth.