Frasers acquires five fashion brands from JD Sports, halts one deal

Wed, 08th Feb 2023 09:08

(Alliance News) - Frasers Group PLC and JD Sports Fashion PLC on Wednesday said Frasers completed the acquisition of five premium fashion brands from JD Sports, while it will no longer buy the Rascal Clothing brand.

Frasers is the Shirebrook, England-based owner of the Sports Direct, Frasers and Flannels retail chains, while JD Sports is a Lancashire, England-based sportswear retailer.

The five fashion brands are Cricket, Tessuti, Scotts. Giulio and Choice, while the acquisition of the Rascal Clothing brand will no longer proceed.

JD Sports said this was because one of its founders exercised a pre-emption right agreed as part of the JD Sports' acquisition of Rascal in February 2019. The divestment of Rascal completed on Monday.

Both Frasers and JD Sports said a further announcement will be made on completing the acquisition for Topgrade Sportswear, which includes Get The Label, in "due course".

The terms of the five completed acquisitions remained as set out on December 16, when the two companies agreed a GBP47.5 million deal for Frasers to acquire 15 brands from JD Sports.

Shares in Frasers were up 2.2% to 802.50 pence each in London on Wednesday morning, while JD Sports shares were up 2.4% to 183.75p each.

By Greg Rosenvinge, Alliance News reporter

Comments and questions to newsroom@alliancenews.com