Mike Ashley began to look like he was emulating LVMH founder Bernard Arnault when he elevated a scion of his sportwear empire to a senior role. Now, by buying luxury online retailer Matches, he’s aiming to be Britain’s own bling king.

Ashley, who founded British retail conglomerate Frasers Group Plc and is its biggest shareholder, has a chance to revive Matches’ fortunes, but only if luxury leaders such as Arnault, Prada SpA co-creative director Miuccia Prada and Gucci-owner Kering SA Chief Executive Officer Francois-Henri Pinault play ball.