Frasers Group news and archive

Frasers acuires South African sporting goods company Holdsport

Frasers has announced the conclusion of the acquisition of South Africa's leading sporting, outdoor and recreation goods company, Holdsport from Old Mutual Private Equity (OMPE) and latter’s management. The company said in a release that Holdsport is a diversified business operating across retail, wholesale, manufacturing, distribution, and...

Business

Frasers calls for removal of Boohoo co-founder, reaffirms Ashley bid

Frasers Group has doubled down on its criticism of Boohoo Group, now calling on the company’s shareholders to vote out its co-founder and chairman, Mahmud Kamani. In an open letter, Frasers presented Boohoo shareholders with a choice: “win with [Frasers owner, Mike] Ashley or lose with Mr. Kamani”, stating that the latter’s delivery of results,...

Business

Frasers-backed Four Marketing snaps up A-Cold-Wall

Samuel Ross’ A-Cold-Wall has been sold to distribution agency Four Marketing just months after it was acquired by London-based fashion accelerator Tomorrow Ltd. In a press release seen and reported on by Vogue Business, Tomorrow Ltd CEO, Stefano Martinetto, said: “We’re thrilled to see the brand transition into such capable hands.” Martinetto...

Business

Boohoo stirs tension, reportedly excludes Frasers from investor meeting

Boohoo’s new chief executive officer, Dan Finley, is believed to be planning a meeting with the company’s biggest shareholders over the next week. However, one of the most notable is believed to be missing from the round up. After weeks of escalating back and forth scrutiny, it appears Frasers Group is now being shunned from Boohoo’s invite...

Business

Boohoo slams Frasers for focusing on ‘own commercial self-interest’

In the latest instalment of the saga between Boohoo Group and Frasers Group, Boohoo has now slammed Mike Ashley’s Frasers for seemingly acting “on its own commercial self-interest” and focusing “solely on the value of its investment”. Responding to Frasers’ letter issued November 6, Boohoo reaffirmed its commitment to a strategy launched earlier...

Business

Frasers Group seeks shareholder approval for sale of Boohoo assets

Frasers Group has sent another open letter to Boohoo Group Plc, this time demanding shareholder approval before the company sells assets. The company, led by Mike Ashley, accuses Boohoo of ignoring the interests of shareholders. Summary • Frasers Group demands shareholder approval before Boohoo sells assets. • Frasers accuses Boohoo's board of...

PeopleFeatured

Boohoo appoints Dan Finley as chief executive

British online fast-fashion giant Boohoo has named Dan Finley as the group’s chief executive officer, defying major shareholder Frasers Group to install its owner Mike Ashley at the helm. In a statement, Boohoo said Finley, formerly of JD Sports and currently CEO of Debenhams, will take up his new role with immediate effect, succeeding John...

People

Mike Ashley doubles down on intention to helm Boohoo

After Boohoo turned down his offer to take over the firm’s management, Mike Ashley, the founder of Frasers Group, has doubled down on his mission to helm the fast fashion giant. In a letter to The Sunday Times, the businessman underlined the urgency to which someone must fill the currently vacant chief executive position at Boohoo after the...

Retail

Boohoo responds to Frasers letter demanding Mike Ashley’s appointment as CEO

Boohoo has responded to Frasers Group’s open letter yesterday demanding to replace the company's current CEO John Lyttle with the appointment of Mike Ashley. Boohoo said in the statement: "Frasers' wish for Mike Ashley to be appointed as a director and chief executive officer was first communicated by Frasers at an in-person meeting on the...

BusinessFeatured

British heritage brand Mulberry faces painful restructuring

The once-celebrated British leather goods house Mulberry is set to slash nearly a quarter of its corporate workforce, eliminating 85 positions from its 350-strong staff base, according to Business of Fashion. The dramatic restructuring follows a failed takeover attempt by Frasers Group and signals a bid to return to profitability through...

BusinessFeatured

Mike Ashley calls to be appointed CEO of Boohoo, brand unveils identity refresh

Frasers Group’s Mike Ashley has requested to be appointed the chief executive officer and a director of fast fashion giant Boohoo Group where an apparent “leadership crisis” is resulting in declining revenues and a falling share price. The call was made in an open letter to Boohoo from Frasers, where it said the group is requisitioning a general...

Business

Frasers Group abandons Mulberry bid amid governance tensions

Frasers Group has withdrawn its pursuit of British luxury brand Mulberry after facing unanimous rejection of its proposed 150p per share offer, highlighting growing tensions between the retail conglomerate and the heritage label's board. The Mike Ashley-founded group, which has been strategically pivoting towards premium retail through...