Mike Ashley Back In The Market
Frasers Group, helmed by billionaire retail tycoon Mike Ashley, has officially acquired SportScheck, a prominent sports retailer in Germany.
SportScheck, which currently boasts 34 stores across Germany and generates an annual revenue of approximately $350m (£287m), will represent a significant expansion to British retail group Frasers Group which is best known for its House of Fraser and Sports Direct brands.
The deal is still pending regulatory approval and is expected to finalise in Q1 2024 but the value has not been disclosed.
Over the last year Frasers’ shares have surged by more than a quarter, giving it a market capitalisation of more than £3.5bn.
Michael Murray, Chief Executive Officer of Frasers Group, said, “Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA – and we are delighted to do this with the full support of major global brand partners, Adidas and Nike. Growing and expanding our Sports business is a key focus area in becoming an international retail business.”
“The German market represents a huge opportunity for us, and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business.”
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