UK retailer Frasers Group has announced the acquisition of 15 premium fashion brands from JD Sports Fashion, a multi-channel branded casual and sportswear retailer. The Frasers group will pay up to £47.5m for the acquisition of shares in premium fashion brands. The amount will be funded from Frasers Group’s existing cash resources.
Brands acquired 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), Frasers said in a press release.
UK retailer Frasers Group has announced the acquisition of 15 premium fashion brands from JD Sports Fashion, a multi-channel branded casual and sportswear retailer. The Frasers group will pay up to £47.5m for the acquisition of shares in premium fashion brands. The amount will be funded from Frasers Group’s existing cash resources.
Completion of the acquisition of eight of the businesses and debt was made in the exchange, with completion of the acquisition of the remaining seven businesses (Cricket, Tessuti Scotts, Giulio, Choice, Rascal Clothing, and Topgrade Sportswear (including Get The Label )) It is expected to take place in early 2023.
JD Sports Group CEO Régis Schultz He said: “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 sportswear businesses.
“We are pleased to have agreed to the sale of these attractive but non-essential brands and would like to express my sincere thanks to all colleagues from the companies involved in the transaction for their hard work and contribution to the group over the year.”
Fibre2Fashion (DP) News Desk
Source: news.google.com