Frasers Group has revealed it has completed the acquisition of five premium fashion brands from JD Sports as part of a deal announced in December of last year.
The £47.5m deal with its rival already saw Frasers agree to acquire a total of 15 fashion brands, with eight already having joined its business on exchange last year.
Today’s announcement (8 February), means it has now also completed on five of the remaining seven premium fashion brands, including Cricket, Tessuti, Scotts, Giulio and Choice.
However, it has also revealed the acquisition of the Rascal Clothing brand, as previously announced, will no longer proceed.
Frasers Group added it will make a further announcement concerning completion of the acquisition of the remaining premium fashion brand – Topgrade Sportswear, including Get The Label – in due course.
Meanwhile, back in December, JD Sports said that the divestment of the businesses will allow the group to “focus more fully” on the opportunities across the rest of the group, in particular its international and digital expansion of its core premium sports fashion fascias.
This divestment resulted in the group recognising a non-cash exceptional charge in its annual accounts for the period to 28 January 2023 of approximately £100m.
At the time, Régis Schultz, CEO of JD, said: “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.”
