Learn more and read our policy. House of Fraser is a British department store group, founded in Glasgow, Scotland, in House of Fraser has changed hands on a number of occasions since the turn of the millennium. In it was snapped up by a consortium of investors headed up by Icelandic bank Landsbanki, and eight years later it was sold again to Chinese department store operator Sanpower Group.
But one supplier said top-end brands, such as Tommy Hilfiger, Hugo Boss and PS by Paul Smith, which are still in stores and want to continue trading in its sister chain Flannels, will help House of Fraser keep its head above water. But John Lewis only has 23 stores and is increasingly focusing on private label. The trouble is, he is the only show in town. If you exit House of Fraser where are you going to go? This article is more than 2 years old.
Stormy times: House of Fraser in Sutton Coldfield. That label's success led the company to introduce two new in-house brands, Fraser and Platinum, in By , House of Fraser once again appeared to be in a strong position to grow.
The company now began targeting fresh expansion through the addition of new stores. A first store was added in Northampton in , while three more were slated to open by Yet the company's expansion plans were hampered by a lack of financial muscle. House of Fraser solved this problem in part by setting up a joint venture with British Land, called BL Fraser, which then purchased 15 of House of Fraser's store freeholds, which were then leased back to the department store group.
At the end of , the company revealed that it had been carrying out secret talks to acquire smaller rival Allders, a group with 21 stores. The two sides could not agree on a price, however, and the deal fell through. In , the company started the construction of a new store in London, to open on King William Street and to feature some 55, square feet of selling space. In that year, also, the company extended its Linea line of clothing fashions to include home furnishings, under the Linea Home name.
The company launched the House of Fraser line of women's clothing, and a range of men's clothing, called The Collection. In addition, in House of Fraser discovered "Customer Relationship Management" and began to put into place a new program, including the rollout of a so-called "loyalty card" to attract and retain shoppers. The new stores were expected to open by By the beginning of , however, the company already had added two new store sites to its list, at Croydon and Maidstone, and other negotiations were underway to develop three to four new store sites.
Despite the company's new commitment to organic growth--and despite its failure to acquire Allders--it had not ruled out other acquisitions. We are about as small as you can be [to operate efficiently] and there are lots of smaller players out there who cannot afford the investment in a systems and supply chain that we've put in over the last five years.
There would be significant costs you could take out. We could support another 20 or 30 stores. The company also continued its program of revamping its existing store park. In the years since its second public listing the company had succeeded in whipping itself back into fighting shape and planned to earn its self-proclaimed title as the United Kingdom's leading retailer of designer brands. Toggle navigation. The next few years were a difficult time in Britain as an economic recession took a grip on the country.
At a time when most companies were reducing staff and expenses, Fraser recognised the need to invest for the future. He extended and improved the store in Buchanan Street and then began to look at the possible acquisition of other retail businesses.
This was the start of an expansion which was to develop to such an extent that between and over seventy companies, not including their subsidiaries, came under the Fraser umbrella. When the company, now named House of Fraser, went public in , it already comprised sixteen different Scottish branches. It was not until , when the company purchased McDonalds Ltd, ironically where Hugh Fraser I had completed his apprenticeship, that they had an outlet in England.
Fraser then purchased the Scottish Drapery Corporation in , shortly followed by the acquisition of the Sunderland based Binns group of stores. The financial tactics of Fraser were astute. He appreciated that a store's major assets lay in stock and goodwill, so he sold the property sites to insurance companies, leasing them back for long terms at advantageous rates.
This enabled the release of capital for the purchase of new premises and the modernisation of existing stores. Fraser was granted the title Lord Fraser of Allander in , for his generous philanthropy and services to Scottish tourism. Lord Fraser passed away three years later in Sir Hugh Fraser, who succeeded his father as head of the company, resumed the expansion of the company in with the takeover of J.
Allen Ltd, a Bournemouth based group. During the 's the House of Fraser Group acquired more companies including T. Ltd, Dublin, Erie and E.
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