JD Sports Fashion PLC (LSE:JD.) said that it has formally completed the divestment of brands to Frasers Group PLC (LSE:FRAS).
The Tessuti, Scotts, Choice, Giulio and Cricket brands have all been sold to Mike Ashley’s Frasers under the terms outlined on 16 December 2022, a statement said.
However, Rascal Clothing was withdrawn from the deal due to one of the founders exercising a pre-emption right, which was agreed upon as part of JD’s acquisition in February 2019.
JD expects to complete the divestment of Topgrade Sportwear in “due course”.
Last month, JD confirmed that after a strategic review, it would be significantly simplifying its branded fashion through the divestment of 15 UK-based non-core fashion businesses.
The deal with Frasers was worth up to £47.5mln, with the divestment of eight of brands, including Pretty Green and Missy Empire, completed in December.
The FTSE-100 retailer said the divestment allows it to focus fully on the opportunities across the rest of the group, especially international and digital expansion.