On Tuesday, shares in Frasers Group (LON: FRAS) dropped after the retail empire of Mike Ashley said he would step down from the board next month. Its stock fell 2.3 per cent by 04:15 ET (08:15 GMT.

The group stated that Ashley would not stand for re-election at this year’s annual general meeting in October. However, He is to remain available to the board in an advisory capacity.
Now, the shares have lost all of their gains since July. In July, the group reported unexpectedly large profits for the last fiscal year and increased its guidance for the current one.

Ashley made his fortune with the Sports Direct chain before branching into House of Fraser. He will inject 100 million pounds (USD 115 million) of funding into the group as he leaves. The money would go to the group’s Elevate strategy, a multi-year move upmarket expected to require 1 billion pounds of investment.

Founded in 1982, Frasers Group plc is a British retail group. Headquartered in Shirebrook, the company is best known for trading mainly under the Sports Direct brand, operating both in physical outlets and online.