Mike Ashley’s retail group Frasers, a UK-based multi-brand retailer owning House of Fraser, Flannels, Sports Direct, Jack Wills and Missguided, has filed a New York court order against Morgan Stanley’s chief executive James Gorman suing him to produce evidence in a 2021 UK lawsuit.
Frasers claimed that the bank acted arbitrarily trying to force the retailer to close options positions it had built in Hugo Boss, a German luxury retail brand resulting in millions of losses. Consequently, Frasers is suing the bank over an almost £ 820 million (US $ 1 billion) margin covering trades in Hugo Boss.
According to a prominent news agency, Morgan Stanley demanded £ 810 million from Frasers in May 2021. This amount was issued to back up positions the company had built in the German Fashion house.
In cognizance of the demand, Mike Ashley is reported to have offered £ 100 million and his entire £ 1.9 billion pounds Frasers’ stake in collateral to meet the margin call but the offer was refused.
Frasers is ordering the US court to coerce Gorman controlling Morgan Stanley since 2010 to appear in court and produce documents in the case.
Bharat Tex Special Report 2026 
