Mike Ashley's Sports Direct seeks to change its name
The change to Frasers Group is meant to reflect "the changing profile and consumer proposition" of Sports Direct International.
Monday 25 November 2019 19:16, UK
Sports Direct International, the retail firm founded and run by Mike Ashley, has tabled a shareholder vote to change to its name.
The FTSE 250 company said it planned to be known as Frasers Group from next month.
The move reflects the expansion in the company's interests and brand aspirations since Mr Ashley became chief executive just over three years ago - with House of Fraser (HoF) the biggest name to be added.
Sports Direct said the ballot would be held on Monday 16 December and, if passed, should become effective later that day.
The name change, the company said, reflected "the changing profile and consumer proposition of the group".
In other words: Mr Ashley's desire to create the "Harrods of the high street."
Its statement said: "The proposed group rebrand follows the recent announcement to bring its inspirational new luxury lifestyle stores, Frasers, to the high street within the next financial year.
"The decision to rebrand the group as Frasers reflects the fact that this new, elevated concept will house the core areas of focus for the wider business - iconic brands, beauty, sports and luxury fashion."
Mr Ashley signalled earlier this month that the expansion of his retail empire - via the purchase of companies following a financial collapse - had been placed on hold.
He is grappling a series of challenges including tough trading conditions on the high street and "terminal" problems at House of Fraser, bought out of administration in the summer of 2018.
A shock £605m tax bill from authorities in Belgium has added to the pressures.
His other acquisitions have included Evans Cycles and Jack Wills.
Mr Ashley paid £95m for the iconic Frasers building in Glasgow just over a year ago, declaring it would become the "Harrods of the north".
He failed to take control of Debenhams and, more recently, Goals Soccer Centres.
In September, the tycoon saw off - partly thanks to his voting rights - a rebellion by shareholders and later admitted his opponents had a point.
Mr Ashley started the company from a single Sports Direct store in 1982.
Today the group has approximately 29,400 staff and a market value of £1.8bn.