What: Frasers Group's CEO Michael Murray explains the success of the Flannels chain, targeting "new luxury, aspirational" customers, via the fast-growing 60 Flannels UK stores.

Why it is important: The article highlights how Flannels, a high-end retail chain, has succeeded in the midst of a cost-of-living crisis by targeting young, aspirational customers. This insight is valuable for retailers looking to adapt to changing consumer behaviors and preferences.

Fraser Group's CEO Michael Murray has attributed the success of the company's Flannels chain to its ability to target young, aspirational customers who are willing to spend money on luxury goods despite a cost-of-living crisis.

Flannels' success has contributed significantly to the Group's "premium lifestyle" brands, which saw revenues of just over GBP 530 million in the six months to the end of last October, up nearly 25% on the year.

Murray has targeted 18-30-year-olds, who aspire to expensive products after exposure on social media, as the Flannels' key demographic. Many of these young people are still living at home and have been sheltered from rising interest rates, rents, or high energy bills.

Murray has stated that he is reinventing the company, targeting "new luxury, aspirational" customers with the fast-growing 60 Flannels UK stores. He is looking to transform the business from a discount sports retailer to Europe's biggest, most aspirational retailer.

Frasers' CEO on the chain’s ongoing success