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JD Sports, the leading trainer and sports fashion retailer in the United Kingdom, has sold shares of its premium fashion brands to the Frasers Group. The sale will add Liam Gallagher’s fashion label, Pretty Green, to the roster of Mike Ashley’s retail business.
According to Reuters, JD Sports agreed to sell 15 of its brands to the Frasers Group for £47.5 million or about $57.7 million. The deal was revealed by the British retail firm late last week.
The acquisition will expand JD Sports’ line of prime fashion brands as it continues to push more into the premium market. Frasers was formerly known as Sports Direct, and in addition to Pretty Green, it already acquired shares in more than 10 labels, including Topgrade Sportswear and Cricket.
The retailer confirmed it had unloaded 15 of its businesses to the Frasers Group. The sale comes as many British retailers started to struggle due to the consumers’ low spending on non-essentials amid the soaring inflation and worsening crisis in the cost of living.
"We are pleased to have agreed to the sale of these attractive, but non-core, brands," JD Sports’ chief executive officer, Régis Schultz, said in a statement. He added that the sale would allow the company to focus more on the global and digital expansion of its main sports fashion brands.
The Guardian further quoted the company as saying, “JD is rightly recognized for its laser focus on the customer, and we are convinced that the most significant opportunities lie in the continued international development of the Group’s global sports fashion businesses.”
Frasers Group will be funding the acquisition deal with JD Sports through its existing cash resources. It was noted that the company has been splurging on acquisitions lately and had increased its maximum exposure to Hugo Boss German fashion house, to £875 million or $980 million. It has also bought a five percent stake in ASOS fashion retailer.
Finally, JD Sports shared that the negotiations for eight of the businesses were all closed at once, while the remaining seven are expected to be completed early next year.
Photo by: Samuel Regan-Asante/Unsplash
