The group reported an 8.7% revenue increase to £5.3 billion for fiscal 2026. However, amid Murray’s ambitious investment strategy, adjusted pre-tax profit fell 4% to £538 million. The group didn’t provide guidance for fiscal 2027, citing uncertainty around its takeover offers and the scale and timing of future investments. The group’s Premium Lifestyle business, which includes, Flannels, Cruise, Van Mildert, Jack Wills, House of Fraser and tailoring label Gieves & Hawkes, alongside the newer luxury acquisitions, represented 18.3% of the group’s revenue in fiscal 2026.
A few days before the cocktail, Murray and I met in Paris’s Hotel Costes to unpack the Matches acquisition and liquidation, his intentions for Boss and his plans for Harvey Nichols, some of which he has never discussed before.
Vogue: First of all, tell me about Monday’s event. Why did it make sense for Frasers to host something like this at Paris Fashion Week for the first time?
We want to give clarity on what we’re doing. We bought The Webster about a year ago. We recently bought Harvey Nichols. We invested in Hulcan, which is the owner of Mile, which bought the Matches IP and Raey from us, and we sit on their board. This is a good moment to bring the pieces together and share how positioning each part of the jigsaw puzzle plays.
We’re quite excited about what we’re building and how we can share the synergies between the different businesses, but create a really strong, robust operational backbone beneath them. I think that’s what many of the businesses we’re looking at in fashion [are lacking]. They’ve got great positioning, but potentially not the correct operating model like the logistics, supply chain, capital, credit risk with brands — that’s what we take care of.
Vogue: Last time we spoke, it was clear you were looking for white space and opportunity in the challenged luxury retail market, and that’s why you acquired The Webster in the US. Let’s talk about Harvey Nichols. [Frasers Group owner] Mike Ashley told the Financial Times the retailer was in a “death spiral” prior to the acquisition. Why was it a compelling proposition, despite that?
