Mike Ashely’s Frasers Group has increased its position in Burberry to become its third-largest shareholder in a continuation of the conglomerate’s efforts to expand its luxury retail offerings.

The group now owns 4.1 per cent of Burberry according to a regulatory filing from Tuesday. The position is held via derivatives.

This is Frasers Group’s latest foray into luxury clothing, a major focus under chief executive Michael Murray, who is also Mike Ashley’s son-in-law. It currently operates luxury department store chain Flannels, and holds 37 per cent of British luxury brand Mulberry.

Its latest expansion attempt targets another British department store, Harvey Nichols, which issued a memo earlier in July informing suppliers it had been “obliged” to allow Frasers Group to participate in the process.

It also purchased luxury online retailer Matches for £52 million in 2025 only to place it into administration three months later, citing the scale of restructuring required.

Frasers regularly acquires stakes in other companies, often with the intention of pressuring them to stock its products. This strategy is often controversial with executives and shareholders at the companies.

Earlier this week, it announced that its share offer for Hugo Boss was now unconditional after clearing the required regulatory hurdles. It remains unclear if it will be able to expand its current 30 per cent stake enough to take over the businesses, and Hugo Boss has urged shareholders to reject the deal.

It is also currently attempting to acquire Australian footwear retailer Accent Group for £166 million, a bid that the company has similarly encouraged shareholders to reject by retaining their shares.

Its aggressive expansion strategy has not always been successful; it made two conditional bids for Mulberry in 2024, both of which were rebuffed by majority investor Challice, though it was granted a board seat in 2025 in an attempt to smooth relations.

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