Up to ‘100 redundancies’ looming at Frasers Group owned brands

Frasers Group is reportedly poised to axe up to 100 jobs across its owned brands including Missguided, I Saw it First (ISIT) and Studio Retail.

According to fashion news outlet Drapers, the move will affect staff based at Frasers’ offices in Trafford, Manchester and comes as part of a “streamlining process” by the Mike Ashley-led retail group following its acquisition of the brands last year.

Frasers brought Missguided out of administration last year for around £20 million. At the time, chief executive Michael Murray, the son-in-law of Mike Ashley, said he was “delighted to secure a long-term future” for the brand.

Murray added that "Missguided's digital-first approach to the latest trends in women's fashion will bring additional expertise to the wider Frasers Group”.

ISIF, the company launched by Jalal Kamani in 2017, who previously helped to co-found fashion retailer Boohoo with his brother Mahmud, was also acquired by Frasers for an undisclosed sum last year.

Studio Retail was also acquired for an undisclosed sum in 2022.

Michael Murray recently said Frasers could close more stores before the end of the year to focus on developing more smaller outlets.

While announcing year-end revenue growth of 16 per cent to £5.57 billion for the group, he warned that “the department store globally is broken”, adding that its department store portfolio was “continually under review” due to some outlets being “still too big”.

Frasers recently made a £50 million bid for an outlet shopping centre in Leeds.

According to The Times, Ashley has lodged a bid to acquire Junction 32, a shopping centre which spans 250,000 sq ft and currently contains outlet locations for over 90 brands ranging from Nike and Levi's to M&S and The Body Shop. Junction 32 also offers a variety of dining locations, a cinema and Xscape Yorkshire – a sports complex which, among other activities, houses an indoor ski slope.

Retail Systems has reached out to Frasers Group for comment.

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