Mike Ashley not pulling the strings says new Frasers Group CEO
New Frasers Group boss Michael Murray will lead the business from the front and told the BBC that former boss Mike Ashely will “not be pulling the strings”.
Moving up to chief executive from his previous post of head of elevation, Murray said: “I’ve definitely proved myself and my worth to the group. I think we’ve achieved so much over the last few years. Mike would never put me up to a job which he didn’t think I could excel in.”
However, Murray takes up the reins amid warnings of price increases, and in his first interview as chief executive, Murray said the group was facing headwinds “going through the roof,” amid soaring inflation.
Whether rising costs will crimp the group’s expansion plans remains to be seen. In December, Frasers Group secured nearly £1 billion in fresh funding to support its ambitious growth plans across online and stores.
In March, the group also increased its investment in German fashion house Hugo Boss, now owning 4.5% of its total share capital and 13.7% of shares via the sale of put options.
The company has been one of the most active in UK retail as far as store openings are concerned and has put major support behind its Flannels chain in particular, with new, large and experiential luxury stores.
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