Sports Direct International is set to change its name to Frasers Group, the parent company of Sports Direct has revealed.
The name change forms part of a new “multi-channel elevation strategy” that aims to provide “unrivalled multi-brand offering to customers across sport, lifestyle and fashion”.
Since then, the group announced plans to rebrand certain branches of the department store as Frasers, a luxury mini-chain selling premium goods. A flagship store in Glasgow currently operates under this name.
The group’s name change was proposed to shareholders in a newly published letter from the chair, and the decision is set to be finalised in a shareholder’s meeting to be held on 16 December.
The proposal will be put forward as a “special resolution”, and 75% of votes are required to be passed in its favour.
The company said: “The board believes that the change of name of the company from Sports Direct International plc to Frasers Group plc is reflective of the business strategy of the company to elevate its retail proposition across all channels.
“It demonstrates the transformation of the company over recent years into the holder of a diversified portfolio of sports, fitness, fashion and lifestyle fascias.”
It added: “The change of name will not affect any rights of shareholders and existing share certificates should be retained as they will remain valid and no new share certificates will be issued.”