Frasers Group fattens your portfolio. The British group, owner of Sports Direct, has acquired the pure player women’s fashion I Saw It First through an operation whose amount has not transpired, as explained by the company in a statement.
The operation has been carried out just one month after the Frasers Group took over Missguided through an operation valued at twenty million pounds sterling.
I Saw It First was founded in Dubai in 2015 by Jalal Kamani, brother of Boohoo Group founder Mahmud Kamani.. The company specializes in womenswear with a similar audience and style as Boohoo, albeit in a slightly higher price range.
In recent months, the Frasers Group has also fattened its portfolio with a minority stake in Burberry, expanding its stake in Germany’s Hugo Boss and rescuing Missguided last month.
Two years ago, the Frasers Group also acquired the luxury multi-brand company Psyche and, shortly after, it acquired the retail park Robin Retail Park, located in the city of Wigan (United Kingdom).
Frasers Group has acquired I Saw It First just a month after rescuing Missguided from the contest
Currently, the British group is in the process of transformation. In May, following the departure of Mike Ashley, the Frasers Group, owner of Sports Direct and House of Fraser, appointed Michael Murray as its new CEO.
Since taking up his position, Murray has made a battery of appointments at the company. David Epstein, former chief executive of the House of Fraser, has been named head of luxury and premium of the group, and Ger Wright has joined the group as head of the sports area.
Beckie Stanion, former Chief Marketing Officer of Sports Direct, has been appointed Group Wide Marketing Director and Sarah Kemp, who previously held the role of Frasers Business Development Manager, has been appointed Group Transformation Director.
Frasers Group closed fiscal 2021 with sales of £4,746.9 million, an increase of 30.9% year-on-year compared to the previous year. In the period, the Frasers Group shot up its pre-tax profit to £366.1m. At the end of the previous year, the company’s pre-tax profit stood at 8.5 million pounds.
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