LONDON (ShareCast) - (Sharecast News) - Frasers Group has announced the acquisition of JD Sports Fashion's interests in a number of fashion brands for up to £47.5m.
The brands include Base Childrenswear, Choice, Clothingsites (including Brown Bag Clothing), Cricket, Giulio, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio, Rascal Clothing, Tessuti (including Xile), Scotts, Watch Shop and Topgrade Sportswear (including Get The Label).

The purchase will be funded from Frasers Group's existing cash resources. Completion of the acquisition of eight of the businesses took place on exchange, with completion of the purchase of the remaining seven businesses expected to take place early next year.

Frasers Group also owns House of Fraser, Sports Direct and Flannels, among others.

JD Sports said the divestment of these businesses will allow it to focus more fully on the opportunities across the rest of the group, in particular the international and digital expansion of the core premium sports fashion fascias.

As a result of the sale, the retailer will recognise a non-cash exceptional charge in its annual accounts for the period to 28 January 2023 of around £100m.

Chief executive Régis Schultz: "JD is rightly recognised 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.

"We are pleased to have agreed the sale of these attractive, but non-core, brands and I would like to express my sincere thanks to all colleagues at the businesses which form part of the transaction for their hard work and contribution to the group over the years."

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