(Reuters) – Mike Ashley’s Frasers Group said on Friday it has bought shares in premium fashion brands of JD Sports for about 47.5 million pounds ($57.7 million).
Frasers, which was formerly called Sports Direct, added it has acquired and transferred shares of 15 of the premium fashion brands, including Clothingsites and Topgrade Sportswear, which were held by the sports retailer.
British retailers have been struggling as consumers tighten their pockets and cut spending on non-essential items amid a worsening cost-of-living crisis and sky-high inflation.
JD Sports, in a separate statement, confirmed it has divested 15 of its UK-based businesses to Frasers.
“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,” said Régis Schultz, Chief Executive Officer of JD Sports.
($1 = 0.8230 pounds)
(Reporting by Amna Karimi in Bengaluru; Editing by Krishna Chandra Eluri)
