In a surprising turn of events, former Sports Direct CEO Dave Forsey is rejoining Frasers Group.
- Forsey will assume the role of general manager for key international regions including Asia Pacific, Middle East, and Africa.
- His career has spanned decades, closely working alongside Mike Ashley, before he resigned amid controversies.
- The return comes as Frasers Group faces financial challenges with declining sales and profits.
- Frasers Group has not publicly commented on the strategic move involving Forsey.
Dave Forsey, once the chief executive at Sports Direct, is set to make a significant return to Frasers Group, assuming a pivotal role aimed at spearheading the organisation’s international growth. His appointment as general manager will focus on the Asia Pacific, Middle East, and Africa regions. Based in Malaysia, Forsey will regularly travel to the company’s headquarters in London, ensuring cohesion between the global and local teams.
Having started his career at Sports Direct as an 18-year-old, Forsey cultivated a close professional relationship with Mike Ashley over more than 30 years, culminating in his role as CEO. However, his resignation in 2016 followed controversies related to employment practices, including the use of zero-hour contracts and allegations of insufficient pay for warehouse staff. These issues cast a long shadow over his tenure, though they did not prevent his subsequent success in consultancy and a managing directorship at Revolution Beauty until February 2023.
Forsey’s return to Frasers Group coincides with a period of financial strain for the retailer. The company has revised its profit expectations downward for the coming year, reflecting an 8% dip in group sales over a 26-week period ending 27 October. Pre-tax profits also saw a considerable 33% decline to £207.2 million, impacted by foreign exchange pressures and a notable fall in the value of Hugo Boss shares held by the group. Adjusted earnings dropped slightly by 1.5% to £299.2 million.
While the specifics of Forsey’s strategic contribution remain undisclosed, his historic experience within the industry suggests a focus on fortifying the group’s international presence. This move may signal a broader ambition to stabilise Frasers’ financial standing amidst challenging market conditions. Frasers Group has opted not to elaborate on Forsey’s role or the expected outcomes of his return, maintaining an air of reserved optimism about their future prospects.
Dave Forsey’s surprising return to Frasers Group emerges during challenging times, reflecting both continuity and strategic hopes for international growth.
