JD Sports has formally completed the divestment of five of its brands brands to Frasers Group PLC.
The Tessuti, Scotts, Choice, Giulio and Cricket brands have all been sold to Mike Ashley’s Frasers under terms which were initially outlined in December.
One brand that was initially part of that deal – Rascal Clothing – was withdrawn from the deal after one of the founders exercised a pre-emption right, which was agreed upon as part of JD’s acquisition in February 2019.
JD expects to complete the divestment of Topgrade Sportwear in “due course” while a further two brands named in the December deal -– Pretty Green and Missy Empire – had already completed the switch.
Last month, JD confirmed it would be significantly simplifying its branded fashion through the divestment of 15 UK-based non-core fashion businesses following a strategic review.
The deal with Frasers was worth up to £47.5mln, and FTSE 100listed JD said the divestment allows it to focus fully on the opportunities across the rest of the group, especially international and digital expansion, in accordance with a five-year-plan it has already presented to investors aimed at creating the world’s “leading global sports-fashion powerhouse.”
