The sporting goods company has formally completed the divestment of brands to Frasers Group.
Brands including Tessuti, Scotts, Choice, Giulio and Cricket Brands have all been sold to UK-based Frasers Group under the terms outlined at the end of last year. Rascal Clothing, which was originally also for sale, has been withdrawn from the final deal. It was withdrawn due to one of the Founders excersing a pre-emption right, which was pre-agreed upon during JD’s acquisition in 2019.
JD has explained that it expects the divestment of Topgrade Sportswear to be completed soon and that “all terms of the transaction remain as outlined in the announcement made on 16 December 2022.”
The retailer has maintained a select group of branded fashion retailers including Oi Polloi, Hip Store, Wellgosh, Philp Brown, 90s Casual Classics and Mainline Menswear.
Regis Schulz, formally of UAE-based Al Futtaim and new Chief Executive of JD has recently outlined his new vision for the group, which includes focussing on its core business and the opening of between 250 to 350 new stores per year.
