Frasers Group PLC (LSE:FRAS), the owner of Sports Direct and Flannels, has entered an agreement to acquire SportScheck, a prominent sports retailer in Germany, from Signa Retail Department Store Holding GmbH.
This strategic move aims to expand Frasers' presence in Germany, a key market and one of the biggest in Europe's sports industry.
SportScheck, with over 75 years of retail expertise, operates 34 stores in prime city locations, generating approximately €350 million in revenue annually.
By integrating SportScheck into Frasers, the company intends to leverage its Elevation Strategy, which emphasises investments in in-store concepts, digital capabilities and brand relationships.
Sports Direct, a key partner for global sports brands like Nike and Adidas, will support SportScheck's international expansion efforts.
Michael Murray, CEO of Frasers Group, said in a company statement: “Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA - and we are delighted to do this with the full support of major global brand partners, Adidas and Nike."
Bjørn Gulden, CEO of Adidas AG, praised Frasers Group's strategic move, adding: “Michael's elevation of Frasers Group and Sports Direct has been impressive. The acquisition of SportScheck is another big commitment to the sports industry and a natural evolution in their strategy of becoming a global player.”
On Monday, Frasers topped up its holding in Boohoo, having already spent much of the year developing stakes in e-commerce groups like ASOS, Currys and AO World.