Mike Ashley’s Sports Direct International, which has attracted criticism from politicians and investors over working conditions and its approach to business, has announced plans to rebrand itself as Frasers Group. The retail group, which has a market value of £1.8bn, said it was seeking to elevate its image beyond the sportswear through which the billionaire chief executive made his fortune. Shareholders will vote on the name change at a general meeting in London on 16 December. The company requires 75% of the votes cast at the meeting to change the name, but Ashley owns 65% of the shares. The unusual move for a FTSE 250 company comes after Ashley led a year-long buying spree of struggling retailers, most notably House of Fraser in a £90m deal. The Sports Direct chain of shops will not be renamed, but the move to change the group name to Frasers follows a string of scandals over working conditions at Sports Direct, as well the company’s unusual corporate governance arrangements.
Frasers Group
