In a recent interview with the BBC, Michael Murray, the new CEO of Frasers Group, made it clear that former CEO Mike Ashley will have no involvement in the company’s operations. Murray emphasized his own role in leading the business and expressed confidence in his abilities. He stated that he has proven his worth to the group and that Ashley would never have appointed him if he didn’t believe in his ability to excel.
Murray’s appointment as CEO comes at a challenging time for Frasers Group, as they face the challenges of rising prices and inflation. Despite these difficulties, Murray remains optimistic about the company’s expansion plans. He highlighted the substantial £1 billion in funding secured in December, which will be used to support growth both online and in stores.
Frasers Group has also made strategic investments, including acquiring a significant percentage of shares in German fashion house Hugo Boss. This move demonstrates the company’s commitment to diversify its portfolio and expand its global presence.
In the UK retail market, Frasers Group has been actively involved, particularly with its Flannels chain and the opening of new luxury stores. This focus on high-end fashion and luxury brands aligns with the company’s vision for growth and capturing a larger market share.
Overall, Michael Murray’s appointment as CEO brings a fresh perspective to Frasers Group. With his confidence and proven track record, he aims to lead the company through the current challenges and capitalize on the funding and investments in order to achieve their expansion goals.
Useful links:
1. BBC – Frasers Group CEO Interview
2. Reuters – Frasers Group’s Investment in Hugo Boss
