The multimillionaire founder of luxury department store Harrolds has been accused of a vicious assault on his elderly parents at their home in Melbourne's north.

John Poulakis has been charged with reckless conduct endangering life, two counts of reckless conduct endangering injury, unlawful assault and criminal damage following the alleged bashing of his 89-year-old father and 81-year-old mother in Reservoir on January 25.

Harrolds department store founder John Poulakis. Credit:Josh Robenstone

Mr Poulakis, 59, was charged with the offences on Wednesday, and faced the Heidelberg Magistrates Court on Friday.

He was not required to enter a plea during the short hearing, and will face the same court again next week.