JD Sports Fashion Plc has sold 15 of its UK-based “non-core” fashion businesses to Frasers Group Plc in a deal worth £47.5m, or $57.6m depending on the rates. current change.
According to the British sportswear retailer, brands sold 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, the Watch Shop, and Topgrade Sportswear (including Get The Label).
JD Sports said eight of the brands were fully acquired by the date of the sale on Friday, with the remaining seven expected to close in early 2023.
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Régis Schultz, CEO of JD, said in a statement on Friday that the company is “pleased” to have agreed to the sale of these “attractive” but non-essential brands. “I would like to express my sincere appreciation to all colleagues at the companies involved in the transaction for their hard work and contribution to the group over the years,” said Schultz.
The sale followed a “strategic review” led by Schultz to “significantly simplify” its branded fashion offering, JD said in a press release Friday. This will allow the retail giant to “focus more fully” on opportunities in the rest of the company, in particular, the international and digital expansion of its leading premium sportswear brands.
This transaction comes months after Schultz took over the company. He took over in September from Kath Smith, who has now returned to the role of senior independent director on the board. Smith took over in the interim after former chief executive Peter Cowgill stepped down as chief executive in May.
In August, JD sold its Footasylum brand to German asset management firm Aurelius for 37.5 million pounds, or $46 million, after various government investigations. This is a departure from JD’s acquisition streak in 2020 and 2021. In December 2020, the company acquired San Jose, California-based Shoe Palace Corp. for $325 million, and less than three months later announced that it would acquire Baltimore. , Maryland-based DTLR Villa LLC in a $495 million settlement.
Source: news.google.com