Fashion M&A

Date: May 2023
Buyer: Frasers Group
Target: ASOS
Business: Fashion retail
Value: Undisclosed
Details: Frasers Group has increased its stake in ASOS to 7.4% up from its previous shareholding of around 5%. The Group previously increased its to 5% back in October 2022, when it became ASOS’ fourth largest shareholder.

Date: January 2023
Buyer: Frasers Group
Target: Hugo Boss
Business: Luxury fashion
Value: undisclosed
Details: Frasers Group has sold part of its shareholding in German fashion label Hugo Boss, now holding 3.9% of the share capital and put options over an additional 25%, for a combined value of £580m. Back in October 2022, Frasers Group acquired put options representing 28.5% of Hugo Boss’ share capital which, along with its 4.3% stake of issued shares, took its combined shareholding in the German brand to 32.8%, worth £770m. By November, these put options increased to 30.3%, making Fraser Group’s combined interests in Hugo Boss worth £840m.

Date: October 2022
Buyer: Frasers Group
Target: Base Childrenswear, Choice, Clothingsites (including Brown Bag Clothing), Cricket, Giulio, Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio, Rascal Clothing, Tessuti (including Xile), Scotts, Watch Shop and Topgrade Sportswear (including Get The Label).
Business: Luxury clothing
Value: £47.5 million
Details: In a surprise turn of events, JD sports has sold 15 of its “non core” fashion businesses which includes the luxury boutiques Gioulio and Cricket to its former rival Frasers Group. The sale of Cricket, Tessuti Scotts, Giulio, Choice, Rascal Clothing and Topgrade Sportswear (including Get The Label) are expected to complete in early 2023 whilst the sale of the other businesses were completed on exchange of contracts.

Date: October 2022
Buyer: Frasers Group
Target: Hugo Boss, ASOS
Business: Fashion clothing
Value: See below
Details: Fraser Group has increased its stake in two household names as it looks to continue its foray into higher-end fashion. With regards to Hugo Boss, Fraser Group increased their stake to 32.8% (approximately worth EUR 960m), while its stake in ASOS rose to 5.1% (making the Group the fourth largest shareholder).

Date: October 2022
Buyer: Frasers Group
Target: Sneaker boy (in administration)
Business: Footwear
Value: Undisclosed
Details: As its latest acquisition, Frasers Group has snapped up Australian luxury footwear retailer Sneakerboy for an undisclosed sum. It has been reported that Frasers Group will retain Sneakerboy’s staff and the three stores located in Australia. Frasers CEO Michael Murray said: “This acquisition further strengthens and diversifies the group’s luxury proposition, while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group’s expertise in this sector.”

Date: August 2022
Buyer: Frasers Group
Target: I Saw It First
Business: Fashion clothing
Details: The December 2022 financial report for Frasers Group has revealed that the acquisition of the entire share capital of online fashion retailer I Saw It First in August 2022 was completed for cash consideration of £1. In addition, the Mike Ashley led group reportedly assumed the outstanding £13 million loan owed to the I Saw It First shareholders as part of the transaction. In a statement, Frasers Group said: “I Saw It First will benefit from the strength and scale of Frasers Group’s platform and from the integration with Frasers’ recently acquired business, Missguided.”

Date: June 2022
Buyer: Frasers Group
Target: Missguided
Business: Fashion clothing
Value: £20 million
Details: Frasers Group has continued on its acquisition spree acquiring online fast fashion retailer Missguided out of administration for £20 million cash. Following the deal, Missguided will become a standalone business within the Frasers Group however it is yet to be seen how many jobs will be saved as part of the rescue deal. There had been speculative reports that fashion rival Boohoo would step in to buy Missguided as part of a pre-pack administration deal however ultimately the deal went to Frasers Group.

Date: March 2022
Buyer: Frasers Group
Target: Boucher Shopping Park
Business: Retail shopping park
Value: Undisclosed
Details: Mike Ashley’s Frasers Group has completed its acquisition of a major shopping park in Belfast, Northern Ireland, Boucher Shopping Park. The retail park hosts major retailers including B&M, Superdrug, Greggs, Boots, Next and TK Maxx. Frasers Group have remarked that the acquisition of Boucher Shopping Park demonstrates its commitment to “investing into bricks-and-mortar property as part of the business’ wider elevation strategy”.

Date: February 2022
Buyer: Frasers Group
Target: Studio Retail Limited
Business: Personal shopping service
Value: £26.8m
Details: Accrington based online retailer Studio Retail Group (in administration) has sold its shares in Studio Retail Limited and certain other assets to Frasers Group, its biggest shareholder. The deal involved the release of the company from its liability to its secured creditors under its revolving credit facilities and certain other additional facilities and is reportedly said to have protected the jobs of more than 1,500 staff. While Studio Retail Limited, itself, was not in administration, it had temporarily ceased taking orders. The acquisition has allowed usual trading operations to resume, ensuring continuity for suppliers, the group’s employees, pension holders and customers.

Date: January 2021
Buyer: Frasers Group (owner of Sports Direct, House of Fraser etc)
Target: Psyche
Business: Luxury fashion retailer
Value: Undisclosed
Details: Middlesbrough based business, Psyche has become a part of the Mike Ashley retail empire after a buyout deal was agreed for both the Psyche retailer stores and online operations. The luxury fashion boutique hosts more than 200 high-end brands for men, women and children.