{"id":164086,"date":"2021-02-08T12:27:26","date_gmt":"2021-02-08T12:27:26","guid":{"rendered":"https:\/\/www.theindustry.fashion\/mike-ashleys-frasers-group-sells-entire-french-connection-stake\/"},"modified":"2021-08-06T12:10:11","modified_gmt":"2021-08-06T12:10:11","slug":"mike-ashleys-frasers-group-sells-entire-french-connection-stake","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/mike-ashleys-frasers-group-sells-entire-french-connection-stake\/","title":{"rendered":"Mike Ashley\u2019s Frasers Group sells entire French Connection stake"},"content":{"rendered":"
Mike Ashley's Frasers Group<\/a> has sold its 24.93% stake in French Connection<\/a> after the fashion brand was scouted by two potential buyers.<\/strong><\/p>\n French Connection told investors it had received early proposals over deals after its shares surged by about 40% on Thursday amid market speculation<\/strong>, rising to around 65% by Friday afternoon.<\/p>\n In a new filing on Monday morning, French Connection revealed that Frasers Group has now sold its entire stake, having been the second-largest shareholder in the business.<\/strong><\/p>\n It has now sold its holding of 96,612,934 shares, although the move sent French Connection shares higher once again.<\/p>\n Frasers Group bought the stake in 2017 as part of a growth plan which has seen it since buy shares in brands including Hugo Boss<\/a>, and even take over whole businesses completely like Psyche<\/a>.<\/p>\n French Connection, which was valued at around \u00a328 million on Monday morning, received one approach from retail investor Spotlight Brands<\/strong>, with backing from restructuring and investment firm Gordon Brothers.<\/p>\n Spotlight has backed British brands including fitness-focused Sweaty Betty<\/a>, while Gordon Brothers acquired the Laura Ashley brand last year following its administration.<\/p>\n French Connection said it also received another potential proposal from brand investment platform Go Global Retail.<\/strong><\/p>\n In December, French Connection said it had seen \u201cencouraging\u201d sales after some stores were able to reopen briefly<\/a> before the latest national lockdown came into force in January 2021.<\/p>\n Shares in French Connection were 15.9% higher at 29.8p in early trading.<\/p>\n TheIndustry.fashion recently published a feature asking why Frasers Group and JD Sports are so interested in independent retailers<\/a>?<\/p>\n