Sports World acquires Kangol

Sports World owner Mike Ashley has acquired hat brand Kangol for a reputed £12 million. The mysterious entrepreneur owns an increasing number of brands, including Karrimor and tennis brand Dunlop Slazenger. He is also believed to be planning an offer for outdoor retailer Blacks Leisure, in which he already holds a 30 percent stake. Meanwhile, investment bank Merrill Lynch has been hired to work on the bid and carry out a strategic review of Sports World, which could result in a possible sale or flotation.

Kangol was formerly owned by private equity fund August Equity Trust. The brand, which was favoured by the likes of Samuel L. Jackson, generated revenues of about £3 million on sales of about £25 to £38 million worldwide. The British apparel licenses are held by the d2 chain and Arcadia 's Topshop. Bollman Headwear of America holds the global hat license.