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Frasers Group has announced the acquisition of JD Sports’ premium fashion offering in a deal worth up to £47.5m.
The deal will see it acquire its rival interests in 15 fashion brands including 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.
It has already completed one of the acquisitions of eight of the businesses and the debt took place on exchange, with completion of the acquisition of the remaining seven businesses (Cricket, Tessuti, Scotts, Giulio, Choice, Rascal Clothing and Topgrade Sportswear) expected to take place in early 2023.
Meanwhile, 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 will result in the group recognising a non-cash exceptional charge in its annual accounts for the period to 28 January 2023 of approximately £100m.
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.”
