{"id":25903,"date":"2023-01-15T23:57:36","date_gmt":"2023-01-15T19:57:36","guid":{"rendered":"https:\/\/www.lifeyet.com\/?p=25903"},"modified":"2024-09-26T12:31:54","modified_gmt":"2024-09-26T12:31:54","slug":"jd-sports-agrees-47-5m-sale-of-15-brands-to-frasers-group","status":"publish","type":"post","link":"https:\/\/lifeyet.com\/jd-sports-agrees-47-5m-sale-of-15-brands-to-frasers-group\/","title":{"rendered":"JD Sports agrees \u00a347.5m sale of 15 brands to Frasers Group"},"content":{"rendered":"\n

Mike Ashley\u2019s Frasers Group<\/strong> has snapped up a basket of 15 brands including former Oasis frontman Liam Gallagher\u2019s Pretty Green and 1980s brand Tessuti in a \u00a347.5m cash deal with JD Sports<\/strong>.<\/p>\n\n\n\n

JD, which owns Size?, Finish Line in the US and Spain\u2019s Sprinter as well as its main retail chain, said the sale of the \u201cnon-core\u201d brands would allow it to focus on other priorities, particularly the \u201cinternational and digital expansion of the group\u2019s core premium sports fashion\u201d retail brands.<\/p>\n\n\n\n

The deal will put the brand that Gallagher founded in 2009 in new hands for the second time in three years after Pretty Green fell into administration in 2019 before being rescued by JD. Other labels included in the sale are footwear brand Nicholas Deakins, the casual fashion brand Scotts, Rascal Clothing and Watch Shop.<\/p>\n\n\n\n

The deal, which will result in an \u00a3100m one-off non-cash writedown in JD\u2019s accounts related to the value of the brands, is a first bold move by new chief executive R\u00e9gis Schultz who took on the job in September after the departure of the group\u2019s long-term boss Peter Cowgill.<\/p>\n\n\n\n

Schultz said: \u201cJD 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\u2019s global sports fashion businesses.\u201d<\/p>\n\n\n\n

Ashley\u2019s retail empire has a long history of buying up fashion brands to help bolster profits in its retail empire. Frasers already owns dozens of brands including Everlast, Lonsdale, Karrimor, Agent Provocateur and Firetrap and recently acquired tailoring brand Gieves & Hawkes and online fast fashion specialists Missguided and I Saw it First. It also has large stakes in listed luxury brands Hugo Boss and Mulberry.<\/p>\n\n\n\n

Frasers\u2019 finance director Chris Wootton said last week that investors should \u201cexpect more deals to happen\u201d and the group was in talks with a number of potential targets.<\/p>\n\n\n\n

However, a deal with JD would have been unlikely under leadership of Cowgill, who had a long history of rivalry with Sports Direct founder Ashley, who once owned shares in JD.<\/p>\n\n\n\n

Cowgill had hinted, for example, that the competition regulator\u2019s block on JD\u2019s attempt to buy smaller rival Footasylum had been influenced by the Sports Direct founder.<\/p>\n\n\n\n

Cowgill<\/strong> quit JD with immediate effect in May just months after the retailer was fined more than \u00a34m for breaching the competition regulator\u2019s rules with clandestine meetings with a takeover target.<\/p>\n\n\n\n

He has since, however, agreed to provide advice to its, new chair, Andy Higginson, and Schultz, for an \u201cexpected period\u201d of three years under a \u00a35.5m golden goodbye deal.<\/p>\n\n\n\n

His exit was a major blow to the company, where he oversaw a turnaround in fortunes after returning as chair three years after quitting as finance director in 2001.<\/p>\n\n\n\n

If you are a writer then you can\u00a0write for us<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Mike Ashley\u2019s Frasers Group has snapped up a basket of 15 brands including former Oasis frontman Liam Gallagher\u2019s Pretty Green and 1980s brand Tessuti in a \u00a347.5m cash deal with JD Sports. JD, which owns Size?, Finish Line in the US and Spain\u2019s Sprinter as well as its main retail chain, said the sale of the \u201cnon-core\u201d […]<\/p>\n","protected":false},"author":2,"featured_media":25909,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0,"footnotes":""},"categories":[7940,475],"tags":[4042,10,4043,4044,473,17],"yst_prominent_words":[],"class_list":["post-25903","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-sports","category-united-kingdom","tag-cowgill","tag-featured","tag-frasers-group","tag-jd-sports","tag-news","tag-top"],"_links":{"self":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts\/25903","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/comments?post=25903"}],"version-history":[{"count":1,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts\/25903\/revisions"}],"predecessor-version":[{"id":34502,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/posts\/25903\/revisions\/34502"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/media\/25909"}],"wp:attachment":[{"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/media?parent=25903"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/categories?post=25903"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/tags?post=25903"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/lifeyet.com\/wp-json\/wp\/v2\/yst_prominent_words?post=25903"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}