Introduction to House of Fraser
House of Fraser is a department store chain in the United Kingdom with over 60 stores. The company was founded in 1849 by Hugh Fraser and James Arthur. In 1952, the company was floated on the London Stock Exchange. In 1985, the company was acquired by Baring Brothers & Co. Ltd. In 2014, the company was acquired by Sanpower Group.
History of the House of Fraser
The House of Fraser is a British department store chain with over 60 stores across the United Kingdom and Ireland. The company was founded in 1849 by Hugh Fraser and James Arthur in Glasgow, Scotland. It was originally named Fraser & Sons. The first London store was opened in 1891 on Oxford Street. In 1952, the company merged with Harrods, creating the Harrods-Frasers Group. The group was subsequently bought by Mohamed Al-Fayed in 1985. He sold it to Qatar Holding LLC in 2010. The current CEO is Alex Williamson.
The House of Fraser has a long and rich history, dating back to 1849 when it was founded by Hugh Fraser and James Arthur in Glasgow, Scotland. Originally named Fraser & Sons, the company opened its first London store in 1891 on Oxford Street. In 1952, the House of Fraser merged with Harrods, creating the Harrods-Frasers Group. The group was subsequently bought by Mohamed Al-Fayed in 1985 before being sold to Qatar Holding LLC in 2010. Alex Williamson is the current CEO of the House of Fraser.
Overview of the Store's Offerings
House of Fraser is a department store chain in the United Kingdom and Ireland with over 60 stores. The company has been trading since 1849 and was founded by Hugh Fraser and James Arthur. House of Fraser's flagship store is located on Oxford Street in London.
The store sells a wide range of products including clothing, footwear, cosmetics, fragrances, homeware, furniture, electricals, and gifts. In addition to its own-brand products, House of Fraser also stocks a number of high-end designer labels such as Gucci, Dolce & Gabbana, and Prada.
Over the years, House of Fraser has acquired several other department stores including Jenners in Scotland and Dickins & Jones in London. In 2015, the company was purchased by the Chinese conglomerate Sanpower for £480 million.
Expansion over the Years
Founded in 1849, House of Fraser began as a small drapery shop in Glasgow. Over the next 150 years, the company would grow to become one of Britain's most iconic department stores. Here's a look at how House of Fraser has expanded over the years:
In 1868, Frasers merged with the existing Arcadia Group, which owned several department stores across Scotland. This marked the beginning of House of Fraser's expansion beyond Glasgow.
In 1971, House of Fraser was floated on the London Stock Exchange, marking a new era for the company. The following year, House of Fraser acquired Harrods - one of London's most prestigious department stores.
In 1985, House of Fraser was taken over by Baring Brothers & Co - a move that helped to secure its future during some difficult economic times.
In 2006, House of Fraser was acquired by HBOS plc (now part of Lloyds Banking Group). This acquisition gave House of Fraser access to greater financial resources, allowing it to invest in further expansion.
Today, House of Fraser operates 59 stores across the UK and Ireland - a considerable increase from the single store it started out with back in 1849! With its rich history and impressive expansion over the years, House of Fraser remains one of Britain's most loved department stores.
Challenges Faced by the Store
In recent years, House of Fraser has faced a number of challenges, including declining sales, the closure of stores, and the announcement of plans to cut thousands of jobs.
The company has been struggling to compete with online retailers and has been hit hard by the recession. In addition, House of Fraser has been caught up in a number of high-profile scandals, including the collapse of its former Chinese owner Sanpower Group and an investigation into its use of zero-hours contracts.
Recent Developments and Future Plans
In recent years, House of Fraser has undergone a number of changes. In 2014, the company was sold to Nanjing Xinjiekou Department Store Co. Ltd., a Chinese conglomerate, for £480 million. The following year, House of Fraser embarked on a five-year plan to turn itself around, aimed at making the company more digital and customer-focused.
So far, the turnaround plan seems to be working. In the last two years, House of Fraser has opened a number of new stores, including flagship locations in London and Birmingham. The company has also launched an online beauty subscription service and invested heavily in its e-commerce offering.
Looking to the future, House of Fraser has plans to open more stores in the UK and China, as well as launching a new loyalty scheme. With its rich history and strong commitment to customer service, there's no doubt that House of Fraser will continue to be one of Britain's leading department stores for many years to come.
Conclusion
House of Fraser is a true British institution and its history has been intertwined with the development of modern Britain. From humble beginnings to a world-renowned department store, House of Fraser has consistently provided shoppers with high quality products at value for money prices. Although the company may have gone through some tough times in recent years, it is clear that House of Fraser will remain in the hearts and minds of many Britons for generations to come.