Mike Ashley’s first swing at Britain’s luxury market didn’t go well in 2002 when he bought Britain’s upmarket sports emporium Lillywhites.
At the time it was favoured by Wimbledon stars, athletes and independent schools. He stocked the lower floors at the Piccadilly store with rows of T-shirts and Sports Direct rescue brands such as Everlast. The cachet was ruined.
In 2019 the Sports Direct founder made an unsuccessful attempt to dump the enterprise when the leaseholder demanded a higher rent.
Ashley and his son-in-law Michael Murray learned lessons. Value sports clothing and equipment remain at the core of Frasers Group, but there has been elevation, with depleted home-grown brands selling alongside Nike, Adidas and Hugo Boss (currently under siege from Ashley).
The consequence is better-looking stores, improved margins and a trading profit above £1billion.
