Michael Murray affirms he’s the decision maker at Frasers

Michael Murray, the current Chief Executive of Frasers, insists that he has the authority on decision-making at Frasers Group, after taking the reins from his father-in-law Mike Ashley in May 2022.

The 34-year-old boss told The Telegraph: "I’m the one making decisions at Frasers, not Mike Ashley.

"I’m on the board with non-executive directors, and we make the decisions. You’ve got to be on the board to make the final decision."

Despite insisting he’s in control of the retail giant, Murray still seeks advice from Ashley, the Founder of Frasers. Mike Ashley remains the biggest shareholder and consultant for the group, owning 72.6% of the company.

Murray asserted that was the one driving the company’s strategy, which saw the company continually increase its stake in Boohoo until it became the biggest shareholder with a 13% stake. The company has also recently built a 19% stake in Asos, a 22% stake in AO World and a 13% stake in Currys.

Since he has become the one calling the shots, Frasers Group has shifted into a more upmarket territory. Once known for its high street presence and savvy savings, the business is now focused on its designer department store Flannels. It’s also revamping House of Fraser, now rebranded as Frasers, while adding a whole host of luxury brands to its offering.

Murray added: "House of Fraser was a broken business when we bought it... We’ve completely changed the operating model. It was mostly concession, the stores were way too big, and they were under-invested."

Over 20 House of Fraser stores have been closed since Mike Ashley bought it out of administration in 2018. However, eight of the smaller Frasers shops have been opened in their place, with more on the way.

Commenting on his new strategy, Murray said: "This allows the landlord to give us then the space at affordable rates. What we’re giving them is a solution for them, and a solution for us, because Sports Direct gets the space it requires and Frasers gets its representation on the high street."

With many retailers battling high business rates and taxes, Murray explains how high street retail has become a "survival of the fittest".

He continued: "Retailing is genuinely a lot harder. Only the strongest will survive and they will polarise. Anyone who is marginal in this environment is not good enough."