Mike Ashley’s first swing at Britain’s luxury market didn’t go well in 2002 when he bought Britain’s upmarket sports emporium Lillywhites.

At the time it was favoured by Wimbledon stars, athletes and independent schools. He stocked the lower floors at the Piccadilly store with rows of T-shirts and Sports Direct rescue brands such as Everlast. The cachet was ruined.

In 2019 the Sports Direct founder made an unsuccessful attempt to dump the enterprise when the leaseholder demanded a higher rent.

Ashley and his son-in-law Michael Murray learned lessons. Value sports clothing and equipment remain at the core of Frasers Group, but there has been elevation, with depleted home-grown brands selling alongside Nike, Adidas and Hugo Boss (currently under siege from Ashley).

The consequence is better-looking stores, improved margins and a trading profit above £1billion. 

Strong cash flow gives 72 per cent-owners Ashley and Murray the funds to invest in bigger, better stores.

They continue with an onslaught on the UK high street and online shopping through stakes in Asos, AO World, THG, Hugo Boss, as well as overseas sports retailers from Norway to Australia.

In Frasers’ sights this week is the ultimate high-fashion stores group Harvey Nichols, known for its eye-catching window displays and Fifth Floor dining.

For many years it lived off its Absolutely Fabulous TV show reputation. It has become a loss-maker and owner Dickson Poon has had enough.

Sky reports that Frasers is close to snatching the group, with stores in UK regions including Manchester and Leeds, out of insolvency.

The key to success will be to avoid the muddled Lillywhites route. Ashley needs to convince fussy luxury suppliers such as Balmain, Armani, Cartier, Max Mara and Ralph Lauren that he is a suitable owner.

A dominant role at Hugo Boss and ownership of Savile Row tailor Gieves & Hawkes might help. They need Frasers’ cash as much as he needs them.

There will be pledges about employment, but there can be no guarantee the stores portfolio will remain intact.

Earlier this summer Frasers closed its central Birmingham store (the former Rackhams). Running department stores is no breeze, as we learnt from John Lewis this week when boss Peter Ruis quit.

The future of London and UK regions as a great place to shop for the best brands is being held hostage by HM Treasury.

The UK’s ‘tourist tax’ on overseas shoppers’ gifts is an advantage to Paris and Milan.

If Andy Burnham is serious about supporting regions, building better high streets and preserving jobs, then tax refunds for visitors would be an early win.

The intense focus on Professor Jason Arday and Cambridge recruitment should not divert attention from the university’s enormous contribution to science, research and innovation.

It has emerged that Cambridge Aerospace, a start-up building low-cost air defences against drones and missiles, and playing a key role in wars in Ukraine and the Middle East, has leapt in value.

Founded just two years ago by Steve Barrett, an aerospace engineer based at the university, it has just raised $300million to ramp up its R&D and manufacturing.

It places a value of $3.4billion on the enterprise. The firm has landed contracts in the UK and aroused interest in Germany, Poland, Ukraine and Australia.

Skyhammer, a no-frills interceptor capable of knocking out Iran’s Shahed drones, is already on the market.

Cambridge Aerospace plans a device to destroy higher-value missiles by 2027. Pity, then, that most funding comes from California’s DFJ Growth, rather than the UK.

Rachel Reeves has vanished from the Treasury, but efforts to shake up UK regulators live on.

The Competition & Markets Authority review of restrictions on corporate Britain imposed over a quarter of a century covers everything from ice cream to the BBC, retail banking and package holidays.

Changing circumstances, such as a big drop in terrestrial TV audiences, mean they can be swept into the sea. Bravo!