{"id":162186,"date":"2019-09-11T16:29:21","date_gmt":"2019-09-11T16:29:21","guid":{"rendered":"https:\/\/www.theindustry.fashion\/mike-ashley-insists-elevation-strategy-on-track-at-sports-direct\/"},"modified":"2021-08-12T14:04:19","modified_gmt":"2021-08-12T14:04:19","slug":"mike-ashley-insists-elevation-strategy-on-track-at-sports-direct","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/mike-ashley-insists-elevation-strategy-on-track-at-sports-direct\/","title":{"rendered":"Mike Ashley insists elevation strategy on track at Sports Direct"},"content":{"rendered":"

Mike Ashley has insisted his \u201celevation\u201d strategy to change Sports Direct from a discount retailer to the \"Selfridges of Sport\"<\/strong> is still on track \u2013 although it might take longer than first thought.<\/p>\n

<\/p>\n

He made the comments to shareholders at the retailer\u2019s annual general meeting in central London on Wednesday morning, heaping praise on Michael Murray, head of elevation<\/strong> and Ashley\u2019s soon-to-be son-in-law.<\/p>\n

At times looking bored, at others animated and cracking jokes, the retail tycoon also said House of Fraser remained an ongoing challenge but one he was willing to face.<\/strong><\/p>\n

He ruled out calls for an independent review into corporate governance, revealed he \u201cbegged\u201d Debenhams to stop paying a dividend and explained he wanted a Big Four auditor for the business as a \u201ctick box\u201d exercise<\/strong> to prove his critics wrong.<\/p>\n

Wearing a blue checked blazer, black trousers, white shirt and blue tie, Ashley sat quietly through the formal part of the meeting, which was conducted by chairman David Daly, a former Nike executive.<\/strong><\/p>\n

There was no update on the \u00a3605 million VAT bill being demanded by Belgian authorities<\/strong>, which Sports Direct is challenging and caused delays to results being published earlier this year.<\/p>\n

Shareholders were also left in the dark over who will audit the business, after Grant Thornton quit.<\/p>\n

Business Secretary Andrea Leadsom is now expected to appoint one on Sports Direct\u2019s behalf<\/strong> after PwC, Deloitte, KPMG and EY all ruled themselves out.<\/p>\n

Voting took place, with all resolutions passing, including Ashley being re-elected as chief executive.<\/strong><\/p>\n

However, nearly a third of independent investors voted against the re-election of Ashley<\/strong>, who controls 62% of the firm, following a difficult year.<\/p>\n

Following the vote, the retail tycoon agreed to a request to answer questions on broader topics.<\/p>\n

The most contentious issue remains the company\u2019s lack of auditor.\u00a0Having previously suggested the need for a Big Four auditor was due to Sports Direct\u2019s size, Ashley said the decision to appoint one was a \u201cpersonal one\u201d.<\/strong><\/p>\n

When asked why he was \u201cobsessed\u201d with a Big Four auditor, he explained: \u201cIf you don\u2019t have a Big Four, people will always say, \u2018There must be a reason\u2019. That\u2019s the criticism I get levelled at me.<\/p>\n

\u201cTrust me, it\u2019s just a little tick box.<\/strong> You\u2019re right, maybe it\u2019s something I\u2019m stuck on and I should stick it in a draw for the next decade and not worry about it. For me it\u2019s a tick box exercise, \u2018Ok, people said I couldn\u2019t get one \u2013 well, I want one now.\u2019 That may sound like an answer that\u2019s \u2013 how can I put it \u2013 not got enough reason behind it, but for me, it\u2019s a little tick box.<\/p>\n

\u201cIt\u2019s like having the biggest lawyers \u2013 having one of the magic circle. (People say) \u2018Oh, you\u2019ve got them\u2019 and I say \u2018Yeah\u2019. It\u2019s little notches and achievements as you go through life.<\/strong> It will not change Sports Direct, but maybe it\u2019s a personal thing.\u201d<\/p>\n

Sports Direct remains under pressure as it attempts to grapple with integrating House of Fraser into the business, along with several acquisitions and bids being made throughout the high street and beyond.<\/p>\n

But Ashley said he has full faith in Murray and the elevation strategy of improving stores<\/strong>, whilst rolling out luxury fashion label retail brand Flannels.<\/p>\n

He said: \u201cIt is the success of SD going forward is the elevation strategy. I tend to not focus on much else other than that<\/strong>.\u201d<\/p>\n

\"Flannels\"

The new Flannels store on Oxford Street<\/p><\/div>\n

On Flannels, he explained: \u201cI think they are better than any other stores in the market. Now, I might have rose-tinted glasses but one of the reasons is because I have absolutely nothing to do with it. I just sign off the money.<\/strong> It has nothing to do with Mike Ashley.<\/p>\n

\u201cIt\u2019s not just a few show stores. When you have a pipeline it takes time. I\u2019m telling you \u2013 this is for real. The reality is, I\u2019m telling you it is real and the proof of the pudding will be when they start to roll out.<\/strong> It\u2019s happening, it\u2019s coming. It\u2019s just not as fast as I would like it.<\/p>\n

\u201cI\u2019m going to do the same with House of Fraser and get around to elevating.<\/strong> The modern-day consumer \u2013 that\u2019s what they want. It could be Stone Island, it could be Nike and Adidas \u2013 it\u2019s all about the branded world.<\/p>\n

\u201cMaybe I was late to the party, I accept that. Maybe my son-in-law should\u2019ve gone out with my daughter when she was 12<\/strong>, but now we\u2019re on it, nothing\u2019s going to get us off it.\u201d<\/p>\n

Other questions from the 40-odd shareholders in attendance included when he would introduce a dividend.<\/p>\n

But Ashley pointed out that HBOS and Debenhams had a dividend, but both subsequently went bust.<\/strong><\/p>\n

Another asked whether he would consider holding an independent review into corporate governance<\/strong>, but was slapped down with the reply: \u201c100% absolutely not.\u201d<\/p>\n

Ashley also spoke at length about the need for business rates to be overhauled<\/strong>, saying he would be happy to meet with MP Frank Field, who has questioned the businessman previously in Parliament.<\/p>\n

After the meeting on the sixth floor of Academy House, overlooking the East End of Oxford Street, Ashley mingled with shareholders<\/strong> before being led away by his advisers.<\/p>\n

Before the start there had been protests by Newcastle United Football Club supporters, angry at the tycoon\u2019s stewardship of the club, which he owns.<\/p>\n

A heavy police and security presence was also in place,<\/strong> with security guards escorting shareholders to and from the meeting, where tea and coffee was served.<\/p>\n

Outside the offices, the media gathered after Sports Direct decided that journalists would not be allowed to observe the meeting<\/strong> \u2013 in contrast to the vast majority of other retailers who allow guests to attend.<\/p>\n

PA (Press Asssociation), which compiled this report, attended by purchasing a token share in the company, giving it access to the meeting.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

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