Frasers Group snaps up SportScheck in athletic shopping spree
Sports Direct owners Frasers Group will buy one of Germany’s leading athletic retailers SportScheck, as it continues on its retail shopping spree.
In an update, the Mike Ashley-backed retailer said the deal — which will see the business takeover 34 stores — will help Frasers to grow its presence in the European region.
Frasers Group, which is one of the UK’s most successful fashion sellers, said that the sale was backed by sport powerhouses Nike and Adidas who are assisting the business in its international expansion strategy.
SportScheck has a 75-year presence on the German high street with revenue of approximately €350m (£302m), and a customer base of over 13m visitors per year.
Completion of the transaction will be subject to merger control clearance and Frasers said it expects the transaction to close in the first quarter of 2024.
Michael Murray, chief 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.”
It comes as just yesterday, Frasers yet again hiked its stake in fashion brand Boohoo from 13.4 per cent to 15.1 per cent.
The company, which owns a host of other retailers such as Jack Wills, has managed to weather the economic storm quite well in recent months, posting a 15.8 per cent jump in revenue in the last financial year, totalling £5.56bn.