“Glasgow is a leading city for luxury retail, and we are looking forward to the prospect of opening our first Frasers flagship in this iconic building,'
House of Fraser, a stalwart of the city's retailing scene for the past 170 years, is set to embark on a"significant" refurbishment with a focus on new high-end brands and partners. Work is expected to beging within 12 months of receivingThe move comes as Frasers Group, majority-owned by Mr Ashley, seeks to further strengthen its foothold in the premium league of retailing.
Now spanning 350,000sq ft, House of Fraser first opened in Glasgow in 1849 as a small drapery shop on the corner of Argyle and Buchanan streets. By the end of the SecondHouse of Fraser went into administration in 2018 and was then acquired by Sports Direct, the UK's largest sporting goods retailer. Since then, Frasers Group has acquired a number of other premium brands such as Jack Wills, Base Childrenswear, Giulio and Nicholas Deakins.
Mr Ashley stepped back from running Frasers in May of last year when he installed his son-in-law Michael Murray as chief executive. He left the board in October but continues to control more than two-thirds of the shares in the business.
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