// Frasers Group has bought JD’s share of premium fashion businesses including Pretty Green, Tessuti, Missy Empire and Cricket
// The Mike Ashley-controlled retail group will pay up to £47.5 million for the businesses
Frasers Group has snapped up archrival JD Sports’ shares in 15 premium fashion businesses, including Pretty Green, Tessuti, Scotts and Cricket.
The deal, which will see it pay up to £47.5 million, will see the Flannels and Sports Direct owner buy JD’s shareholdings in a raft of upmarket clothing brands and the debt owing to the sportswear giant.
The divestment is the first major move made by new JD Sports CEO Régis Schultz and marks a reversal of JD’s strategy of building a portfolio of fashion brands.
The retailer said that following Schultz’s strategic review of the business it will “significantly simplify its branded fashion offer”.
JD Sports said the divestment would allow it to focus more on the opportunities across the rest of the group, in particular the international and digital expansion of its core sports fashion fascias.
Meanwhile, the brands bolster Frasers Group’s premium fashion retail business, which the retailer has focused on growing under the leadership of new CEO Michael Murray.
The 15 fashion brands and retailers included in the deal are 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.
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Schultz 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.”
Frasers said that it had completed the acquisition of eight of the business and the exchange of their debt and expects to complete the seven remaining businesses – Cricket, Tessuti, Scotts, Giulio, Choice, Rascal Clothing and Topgrade Sportswear, including Get The Label – in early 2023.
The acquisition is the latest in a throng of deals from Frasers Group, which has snapped up an array of businesses over the past year, including Missguided, Studio Retail, ISawItFirst.com, Amara and Gieves & Hawkes.
Alongside Next, Frasers Group has been one of the big contenders to pick up retail brand’s that have collapsed over the past year.
Click here to find out which brands Frasers and Next now own.