Mike Ashley is set to step down as the chief executive of Frasers Group.

The role will be taken over by Michael Murray, the 31-year-old fiancé of the billionaire’s daughter.

The retail giant, which owns Sports Direct, said that Murray will assume the role in May next year.

Doncaster-born Murray, currently head of elevation at the company, began helping Ashley with personal property deals a few years after meeting his daughter Anna on holiday in 2011, according to The Guardian.

Since then, he has helped revamp Sports Direct stores, expanded Flannels, increased the group’s use of technology, and built relationships with high-end brands, the newspaper said.

But Frasers Group has faced a tough eighteen months, forecasting a loss of £200 million in April, double the amount the company had previously predicted.

Following the planned transfer next year, Ashley plans to remain on the board as an executive director.

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