Frasers Group to return to FTSE 100 after six years

Frasers Group has announced its intention to return to the Financial Times Stock Exchange (FTSE) 100 Index after its six year absence.

In a release, the retail conglomerate said it would be removed from the FTSE 250 Index and make its transition from September 13.

The group will be taking the place of aerospace company Meggitt following its acquisition by US firm Parker-Hannifin Corporation.

Frasers dropped out of the index in 2016 when its share price dropped after a period of poor financial performance and reports of unsatisfactory working conditions under some of its retailers.

Since then, the group, formerly known as Sports Direct, has struck a series of acquisitions and takeovers, including Missguided and DW Sports.

Following a rebranding to Frasers Group, the company has also set out on a transformation strategy through which aims to “elevate” its brand under the new CEO Michael Murray, who took over founder Mike Ashley in August.