Another day, another acquisition for Frasers Group. This time the British fashion giant has snapped up German sports retailer SportScheck for an undisclosed sum as it looks to boost its presence in the market.
SportScheck, formerly owned by Signa Retail Department Store Holding GmbH, is a leading figure in the German sportswear market, with a history dating back 75 years and a portfolio of 34 stores across Germany.
Frasers Group, which owns British giant Sports Direct, said the acquisition will bolster its presence in the German market.
“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,” said Frasers Group CEO Michael Murray.
SportScheck makes annual revenue of approximately 350 million euros, Frasers said.
Murray continued: “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.”
This is the latest in a long list of acquisitions by Frasers Group in recent years as it continues to expand its retail empire.
This year alone, the group has acquired Missguided, Studio Retail, and I Saw It First, as well as a raft of brands from rival JD Sports.
The group has also been snapping up stakes in a number of companies, including Mulberry, N Brown, Hugo Boss, and, more recently, fast fashion giant Boohoo Group.
On Tuesday, Frasers Group upped its holdings in Boohoo from 13.4 percent to 15.1 percent.
Frasers bought an initial stake of 5 percent in the group back in June, and has been increasing it incrementally ever since.