Mike Ashley’s Frasers Group has warned of “softening” in the global luxury market as underlying sales at its upmarket division, which includes the House of Fraser department stores and Flannels chain, dived more than 11%.
The fall, which does not take into account acquisitions, follows the closure of a further two House of Frasers stores in six months, taking the total to 29, half the number the group bought out of administration in 2018.
