Mike Ashley, British retailer Frasers' founder and biggest shareholder, will likely step down as chief executive next year and be succeeded by Michael Murray, the group's "head of elevation", it said on Thursday.
Mike Ashley, the Sports Direct entrepreneur, is preparing to step back from his high-profile role as CEO of his growing retail empire. He’ll hand control to his future son-in-law Michael Murray, the Telegraph reported.
Frasers Group took advantage of a rising share price last week to sell its entire stake in struggling French Connection. The company had a stake adding up to a 24.93% holding in the firm prior to the sale.
Frasers said on Tuesday it has increased its stake in German luxury fashion house Hugo Boss to 15.2% through stocks and derivatives, part of Ashley's ongoing drive to take the British sportswear retailer upmarket.
Frasers Group was reportedly racing to try to do a deal on Debenhams at the weekend, but reports also suggested that US-based Barneys owner Authentic Brands has both Debenhams and Arcadia in its sights.
Shoppers have shunned physical stores to avoid catching Covid-19, and accelerated a shift to online shopping that was underway before the pandemic. The effects are being felt throughout Britain's high streets.