298
Fashion Jobs
H&M
Total Rewards Manager, Supply Chain
Permanent · TSIM SHA TSUI
H&M
Accounts Specialist
Permanent · TSIM SHA TSUI
ESTÉE LAUDER COMPANIES
Assistant Demand Planning Manager
Permanent · HONG KONG
ESTÉE LAUDER - BRAND
Retail Marketing Manager, Estée Lauder
Permanent · HONG KONG
CLINIQUE
Assistant Education Manager, Clinique
Permanent · HONG KONG
CLINIQUE
Senior Marketing Manager, Clinique
Permanent · HONG KONG
TOMMY HILFIGER
Senior Manager, Creative Services, Tommy Hilfiger Asia Pacific
Permanent · HONG KONG
AESOP
Retail Consultant
Permanent · SHA TIN
NEWELL
Senior Manager, Indirect Sourcing
Permanent · HONG KONG
L'OREAL GROUP
Group Product Manager
Permanent · HONG KONG
ADIDAS
Senior Manager, Materials Availability Management
Permanent · HONG KONG
L'OREAL GROUP
Assistant Purchasing Manager (Marketing, Digital IT)
Permanent · HONG KONG
PUMA
Manager Innovation Technical Apparel
Permanent · HONG KONG
DR. MARTENS
Head of Financial Accounting, Apac
Permanent · TSIM SHA TSUI
TJX COMPANIES
Director of Sourcing, Apparel -Hong Kong
Permanent · HONG KONG
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Hysan Place
Permanent · CAUSEWAY BAY
A & F
Hollister CO. - Brand Representative (Part-Time / Full-Time), Yoho Mall
Permanent · HONG KONG
A & F
Abercrombie & Fitch - Brand Representative (Part-Time / Full-Time), Harbour City
Permanent · TSIM SHA TSUI
KERING EYEWEAR
Kering Eyewear Assistant Trade Marketing Manager Travel Retail
Permanent · HONG KONG
JAEGER
Training Manager
Permanent · HONG KONG
L'OREAL GROUP
Retail And Education Manager
Permanent · HONG KONG
TORY BURCH
Senior Manager, Retail Training, Asia
Permanent · HONG KONG
Published
Jul 30, 2018
Reading time
2 minutes
Download
Download the article
Print
Text size

Will Mike Ashley rescue House of Fraser?

Published
Jul 30, 2018

With House of Fraser rumoured to be close to collapse, it has emerged that the retailer is in emergency talks on a funding deal with one or more parties and Sports Direct tycoon Mike Ashley is believed to a key figure in the negotiations.


House of Fraser is believed to be talking to Mike Ashley about emergency funding



The retailer’s advisers are reportedly talking to the man who has been very critical of House of Fraser management in recent months. Ashley's company owns an 11% stake in the chain, which is currently preparing to radically downsize by closing more than half of its stores, and he hasn't been happy about the way its recent CVA was handled.

Initial talks on emergency funding were believed to have been held last week according to Sky News with sources close to House of Fraser saying that Ashley had been the one to make the first approach. Some £50 million worth of funding was discussed, potentially in the form of a loan or equity injection.

The news follows earlier revelations that the £70 million cash injection House of Fraser was due to receive from soon-to-be new owner C.Banner has been delayed for several months.

Sports Direct certainly has the resources to provide the funding that House of Fraser needs and the Sky News report also said that it has assured HoF it could offer other support such as "warehousing, online sales and the running of the business generally”.

HoF needs the financing urgently as it has a major rent bill due in September and also needs to buy-in stock for the important autumn and Christmas seasons.

If Sports Direct did provide the funding, it would be interesting to see where this would leave the sale of a majority stake to C.Banner as it’s likely that the UK company would want to negotiate a direct route to taking control of the firm.

Ashley has been building up sizeable strategic stakes in both HoF and rival Debenhams (in which it owns almost 30%) but has denied specific takeover ambitions in recent periods. However, he had tried to buy HoF back in 2014 but was beaten to the prize by its current owner Sanpower.

With the prospect that House of Fraser might collapse without urgent funding, Ashley might also decide to back off as it could be easier to take over the company if it actually did go under via a deal with the administrators.

The relationship between the department store chain and the sports retail giant have been fairly toxic in recent periods with Ashley having gone to court last month to force HoF to share its confidential business plan.

Copyright © 2024 FashionNetwork.com All rights reserved.