- Huw Hughes |
House of Fraser (HoF) owner Mike Ashley is reportedly preparing to transform up to seven of the chain's stores into a new luxury mini-chain called Frasers.
According to the Guardian, sources say Ashley is planning to invest tens of millions in the ambitious plan which will allow the high street retailer to explore the luxury end of the market, something which has proved successful with the retail tycoon’s Flannels chain.
Sources say work is likely to start on the flagship Glasgow store, which already trades under the Frasers name, with the Belfast store also thought to be among those set to be rebranded as part of the plan. An official announcement of the plan is expected to come within weeks. A source told the Guardian: “He’s going to do it properly and he’s not worried about the money he’s losing while he works on his plan. He has no doubt about what he wants to do.”
Ashley has previously said he wants to turn HoF into the “Harrods of the high street” but has also faced criticism for his managing of the chain after buying it out of administration for 90 million pounds in August.
In December, Sports Direct revealed HoF was losing nearly 3 million pounds a week, while, during the important Christmas trading period, sales dropped by 60 percent year-on-year in the 12 weeks to December 18, according to Kantar Worldpanel figures reported by the Telegraph.
Photo credit: FashionUnited