Mr Gulden said: “The consumer in different regions reacts to different things. We need to be more local and quicker when things are changing. Centralistic global decisions often lead to unwanted inventory and discounts, which is detrimental to our industry.” 

Cholmondeley Castle is a listed country house in Cheshire, built at the start of the 19th century for British politician George Cholmondeley, 1st Marquess of Cholmondeley. 

Carl Grebert, Nike’s vice president for Europe, the Middle East and Africa, also spoke about the “blurring” of sport and lifestyle wear. 

Great sports brands were still anchored in sport, he said, noting like Mr Gulden that trends emerge far faster than in the past. 

He said: “What has stayed consistent at the core is the consumer looking for a great product with a story well told based on an insight that serves athletes – that has been the common denominator for all brands in the industry that have been successful over the last few years.” 

Some 2,000 employees from Frasers Group, who were selected based on performance, attended the gathering. 

The company describes the biennial event as part industry conference and part music festival. It was headlined by the British rapper and singer-songwriter Bree Runway, who has collaborated with Missy Elliott, DJ Joel Corry and Manchester rapper Aitch. Some 60pc of staff selected to attend work in retail and warehouses, while 40pc came from head office. 

Mr Ashley is the UK’s 49th richest man. He owned Newcastle United from 2007 to 2021.