Frasers Group acquires JD Sports’ premium fashion brands
What: Frasers Group has announced the acquisition of several premium fashion brands in which JD Sports Fashion has stakes.
Why it is important: The company has snapped up 15 of the group’s retailers via shares held by JD including Tessuti, Base Childrenswear, Missy Empire, Choice, Clothingsites, Cricket, Giulio, Kids Cavern, Nicholas Deakins, Pretty Green, Prevu Studio, Rascal Clothing, Scotts, Watch Shop and Topgrade Sportswear.
All of the indebtedness is to be transferred to the subsidiaries of Frasers Group. Frasers said the amount payable for the acquisition of the shares and indebtedness amounts to 47.5 million pounds, which will be funded by the group’s existing cash resources and completed in 2023.
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