Frasers Group has bought another company with the purchase of designer fashion retailer Psyche for an undisclosed sum. The company has a 40,000 sq ft shop in Middlesbrough, and a webstore, and employs 58 people in total.
Frasers Group is continuing to focus on physical retail space as it take over a key soon-to-be empty Debenhams store and opens a next-gen Sports Direct flagship that also integrates other brands into its giant space.
Frasers Group saw lower sales in its first half, as would be expected given that most of its stores were closed for part of the period. But the fall was relatively small and the company’s profits rose.
A major signal of what’s likely to happen more widely in UK retail in the next few years came on Wednesday as property giant Hammerson announced a major build-to-rent scheme for Leicester following the Debenhams exit.
In the year that loungewear became a massive trend, it seems that the category is also affecting party season fashion choices, a new report says. And House of Fraser has launched a collection with the trend in mind.
Mike Ashley's Frasers Group confirmed on Monday that it’s interested in buying Debenhams even though the auction for the Department store chain has already ended and the chain is expected to close completely by March.
Debenhams may be preparing to go out of business, but Mike Ashley – who has coveted the department stores chain for years – still sees a chance he could win it and has made a last-minute approach to its advisers.
Frasers Group is continuing its deep dive into the luxury sector. On Thursday it announced that it has increased its already-large stake in leather goods company Mulberry and could make an offer for the brand.