The Frasers Group, the British company previously called Sports Direct International, is implementing in two big ways the “elevation” policy announced by its controversial chief executive and main shareholder, Mike Ashley. It has just acquired a 12.5 percent stake in Mulberry, a British publicly quoted brand of handbags and other luxury goods. It also has opened its first luxury department store at the Meadowhall mall in Sheffield. This is to be the first in a series of openings planned since the acquisition of the loss-making House of Fraser chain of department stores in 2018. So far, only the first phase of the new, 65,000-square-foot store is open. The second phase, planned for spring 2021, will be a sales floor for Flannels, the group’s banner for premium apparel, footwear and accessories from such brands as Gucci, Prada, Burberry and Off-White. Flannels opened a flagship on Oxford Street in London last year. According to the Frasers Group’s ”head of elevation,” Michael Murray, the “aspirational new store” in Sheffield is intended to “epitomize the exciting future of Frasers” – no doubt a reflection of Ashley’s remark in 2018 that he hoped to transform House of Fraser into the “Harrods of the high street.”