Danish entrepreneur Anders Holch Povlsen has acquired a majority stake in British men’s fashion brand Drake’s. Povlsen is the owner of the Danish clothing group Bestseller Group and the largest shareholder of e-commerce retailer Asos.
New entries in the British commercial register Companies House show that a 75 percent stake in Drake’s has been transferred to the company 10/28/2025 Limited, which is run by Povlsen. So far there has been no official communication from either party. FashionUnited has contacted Drake’s for more information.
The news follows Mark Cho’s farewell. He announced in an Instagram post last month that he had sold his shares in the Savile Row tailor. Cho took over Drake’s in 2010 following the exit of founder Michael Drake. Since then, the company has “grown sevenfold as we have maintained our collection and increased the number of regular customers worldwide,” said the managing director.
Cho added that Drake’s has evolved. Now the label needs other people in charge “to reach the next phase of its development”. This prompted him to sell his shares to a “reserved, long-time fan of the brand and an exceptionally important player in the fashion world.” His former co-owner Michael Hill will continue to work on the brand’s next chapter as managing director and creative director.
The leadership change follows a period of strong financial growth for Drake’s. In the most recent financial year, which ended on March 31, 2025, sales increased by 20 percent to 19.6 million British pounds (23.1 million euros) compared to the previous year. The company reported “strong outperformance” in direct-to-consumer channels, increasing gross profit to £9.8 million. Operating as Carrington Hull Associates, the company sells its products through wholesale, retail outlets in London, New York and Seoul, as well as an e-commerce platform.
For Povlsen, the acquisition represents a further expansion of its already well-established portfolio. Much of its business is conducted through its Danish holding and investment company, Heartland. His core business in the fashion sector is the Bestseller Group, which he leads as CEO. The group includes brands such as Jack & Jones, Vero Moda and Only.
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