Luxury department store Harrods has finally appointed its first chief financial officer in five years. Tim Parker will join the business after 10 years at Hong Kong-based, London-listed conglomerate Jardine Matheson.
The challenges facing retailers at all price levels came into sharp relief Thursday. Shortly after Boohoo shocked us with a profit warning, luxury store Harrods announced the early launch of its winter clearance sale.
Covid-19 has boosted e-tail, especially for multibrand sites and leading luxury labels, according to a study by Bernstein for Altagamma. An evolution that means other labels need to rethink their commercial strategy.
Harrods is believed to be cutting up to 700 jobs as the fallout from the coronavirus crisis continues to devastate the retail sector. That number would mean up to 14% of its workforce being made redundant.
Luxury department store Harrods will open a new Outlet branch in Westfield London for its clearance sale, relieving pressure on its flagship and allowing it to focus on new collections in the Knightsbridge store.
Luxury department store Harrods is riding high despite a profits slip as its sales continue to rise. But its boss Michael Ward has warned that a possible Jeremy Corbyn-led government could dent turnover.