Mike Ashley’s Frasers Group PLC (LSE:FRAS) is moving closer to bidding for Yoox Net-a-Porter, the online luxury fashion retailer, according to reports.
Investment bank Goldman Sachs, which is overseeing the sale of the online platform, is believed to have been approached by the Sports Direct owner, said Retail Week,
The two are said to be in the process of drawing up a non-disclosure agreement regarding the deal.
Not only would the deal help boost Fraser’s luxury arm, adding to its brands such as in-store retailer Flannels, while also bolstering its online offerings.
Last month, the retail giant bought luxury goods website Coogles.com from THG, while also striking a multi-year partnership to be provided with online and logistical support.
Companies in the luxury sector have been under intense pressure in recent months, with stocks sliding today after more gloomy outlooks from the industry’s top groups.
Richemont, which owns Yoox Net-a-Porter and Cartier, warned sales failed to budge in the first quarter of its 2025 financial year.
On an actualised basis, the Swiss global luxury giant’s revenues slipped by 1%, down significantly from the 14% growth rate in the previous first quarter.
On Monday, Hugo Boss issued a profit warning after group-wide sales fell 1% in the second quarter.