Mike Ashley has reportedly returned to his founding company Frasers Group, the parent of Sports Direct, as a consultant. Ashley, who owns 69 percent of the company, stepped down from the top position last year, later appointing his son-in-law Michael Murray as CEO.
According to The Sunday Times, Ashley will advise the company on supply chain and operations, with the group having taken legal advice to ensure the arrangement adheres to good governance.
Ashley’s return comes as Frasers Group continues on a string of acquisitions. Last week, the company snapped up a 5 percent stake in fashion rival Boohoo and purchased a 9 percent stake in electrical giant Curry’s, which Frasers had described as a “valuable opportunity” to build on its foothold in the electricals industry. Earlier this year, the group also upped its stake to 9 percent in struggling fashion e-tailer Asos.
Founded by Ashley in 1982, Frasers Group is known for its Sports Direct brand, the U.K.’s largest sporting goods retailer. The company’s other retailers include Jack Wills, GAME, Flannels, USC, Lillywhites, and Evans Cycles. The company owns numerous intellectual properties, including Everlast, Lonsdale, Slazenger, and No Fear.
