Michael Murray: Frasers ‘increasing efforts’ to reach out to City investors
The new boss of Frasers has pledged to repair relations between the retailer and the City.
In an interview with The Financial Times, Michael Murray said the Sports Direct owner was “definitely going to be increasing its efforts” to reach out to investors.
The retailer was presently recruiting for an investor relations manager, as well as “building up more communication” and planning to hold a capital markets day.
Murray, who is married to the daughter of Frasers’ founder and former top dog Mike Ashley, took over the firm after previously heading a strategy to modernise the brand and take it in a more upmarket direction.
Earlier this summer, Frasers Group made a cash offer to snag the Australian e-commerce site MySale, after becoming its largest shareholder.
It follows deals to acquire fast fashion firms I Saw It First and Missguided.
In recent weeks, Frasers has also boosted its stake in luxury German fashion brand Hugo Boss.
“If it doesn’t fit into sport, premium or luxury or add value to our ecosystem or platform…then we won’t be buying it,” Murray told the FT newspaper, when asked about Frasers’ acquisition approach going forward.
Referring to the company’s decision to sell stakes in Bobs Stores and Eastern Mountain Sports, Murray said he “didn’t believe they were core to the group’s strategy.”
However, when quizzed over which investments could be offloaded in future, Murray declined to point out any brands in particular. Frasers’ portfolio includes brands such as Evans Cycles and Studio Retail.
Frasers are “certainly trying to position themselves as leaders in the retail industry, gathering a huge portfolio of brands,” Wizz Selvey, retail strategy guru and former head of buying at Selfridges, told CityA.M. this summer.
“The Frasers Group are always looking for something that can bring additional resources or skills, or historically it has been physical space that [they] have been able to utilise within the business,” she added.
Frasers shares were up five per cent when trading closed on Monday.