What: Frasers Group has signed a binding agreement with Signa Retail Department Store Holding to acquire SportScheck, a leading German sports retailer.

Why it is important: The acquisition of SportScheck by Frasers Group is important as it allows Frasers to expand its presence in the German sports market.

The purchase price was not disclosed, and the completion of the deal is subject to merger control clearance, expected to be finalized in Q1 2024. This acquisition allows Frasers Group to expand its presence in the large European sports market and intensify its competition with JD Sports. SportScheck operates 34 stores in prime city locations across Germany, generating an annual revenue of approximately EUR 350 million and attracting over 13 million visitors each year.

Frasers Group plans to leverage its Elevation Strategy, which focuses on investing in store concepts, digital capabilities, and brand relationships, to enhance SportScheck's performance.

Frasers Group signs deal to acquire Germany's SportScheck