Frasers Group warns of ‘softening in global luxury market’ as sales fall

Cost of living crisis partly responsible but total sales at Mike Ashley's company rise

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 the Flannels chain, dived more than 11%.

The fall in underlying sales, which does not take into account acquisitions, came as the group closed two more House of Frasers stores in the half-year, taking the total to 29, half the number the group bought out of administration in 2018.