Frasers Group buys stake in N Brown Group

Frasers Group is continuing its investment spree.

The group, whose portfolio includes Sports Direct, Jack Wills, and House of Fraser, has snapped up a 4.54 percent stake in British e-tailer N Brown Group.

This is the latest in a string of investments made by Frasers Group in recent years.

The group is currently attempting a takeover of Australian fashion marketplace MySale after becoming its biggest shareholder in June.

It also bought fast fashion rivals I Saw It First and Missguided earlier this year, as well as British value retailer Studio Retail.

This latest news comes after Manchester-based N Brown Group last week reported a drop in first-half revenue and profit amid a tough microeconomic backdrop, and warned it expects that pressure to continue in the second half.

In the six months to August 27, revenue dropped 4.6 percent to 347.4 million pounds, while adjusted pre-tax profit plunged 82.4 percent to 4.3 million pounds.

The group, which owns brands Simply Be and JD Williams, said its performance “reflected normalisation of financial services post Covid-19 and the macroeconomic environment”.