Mike Ashley to launch 'Frasers' luxury chain

The retail mogul, who bought House of Fraser out of administration last August, has told suppliers that he wants to rebrand up to seven stores with the rest of the estate, which comprises around 50 stores, remaining House of Fraser, The Guardian reported.

The Glasgow flagship already trades under the Frasers name, while the Belfast store is among the outlets included in the rebrand plans.

Ashley has previously spoken of his desire to turn House of Fraser into the “Harrods of the high street” but has attracted criticism for allowing some stores to suffer since his acquisition. In some stores, including on London’s Oxford Street, floors have been overtaken by clearance racks with space left vacant by brands such as Weekend by Max Mara being filled with product by Ashley-owned sportswear brands such as Lonsdale.

Ashley has closed five stores since acquiring the business and has reached deals with landlords on scores of others, but many deals only run until August. Industry observers are concerned about their viability after that point.

Sports Direct reported last year that House of Fraser was losing nearly £3m every week and was hitting the group’s bottom line.