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Frasers Group has announced the acquisition of the online fashion retailer I Saw It First for an undisclosed sum.
Frasers revealed it looks forward to integrating I Saw It First, which has over 5 million consumers, and has rapidly grown its digital presence since its launch in 2017.
I Saw It First was launched in 2015 in Dubai by Boohoo Group founder Mahmud Kamani’s brother Jalal Kamani, followed by its launch in the UK in May 2017.
Frasers said the women’s fashion retailer will benefit from the “strength and scale” of Frasers Group’s platform and from the integration with Missguided, which the group recently acquired for £20m after the clothing brand announced its administration, saving 147 jobs.
The news comes after Frasers reported a bumper profit for the past year despite a “significant increase” in running costs as pre-tax profits jumped to £344.8m for the year to April, compared with a £39.9m loss in the previous year.
