Mike Ashley’s Frasers Group defies retail gloom as young shoppers keep spending

Many shielded from rising food and energy costs continue to spend as Flannels and Jack Wills owner unveils 53% profit rise

Mike Ashley's Frasers Group defied retail gloom in its first half as younger shoppers more shielded from the cost of living crisis continued to spend, including at its fast-growing designer chain Flannels.

The group, which owns several chains including Sports Direct and House of Fraser, said younger people, which make up a large proportion of the group's shoppers, were still prepared to spend on clothes as they were more protected from rising energy bills, mortgage rates and even food costs.