Bury-based FTSE 100 retailer JD Sports Fashion plc announced it is simplifying its branded fashion offer through the divestment of 15 UK non-core fashion businesses to Frasers Group Plc for £47.5 million.
The sale follows a strategic review led by JD Sports CEO Régis Schultz.
The divested brands are Base Childrenswear, Kids Cavern, Pretty Green, Prevu Studio, Nicholas Deakins, Missy Empire, Clothingsites, Watch Shop, Cricket, Giulio, Choice, Tessuti, Scotts, Rascal Clothingand Topgrade Sportswear .
“The divestment of these businesses will allow the group to focus more fully on the opportunities across the rest of the group, in particular the international and digital expansion of the group’s core premium sports fashion fascias,” said JD Sports.
“This divestment will result in the group recognising a non-cash exceptional charge in its annual accounts for the period to 28 January 2023 of approximately £100 million.”
Schultz said: “JD is rightly recognised for its laser focus on the customer and we are convinced that the most significant opportunities lie in the continued international development of the group’s global sports fashion businesses.
“We are pleased to have agreed the sale of these attractive, but non-core, brands and I would like to express my sincere thanks to all colleagues at the businesses which form part of the transaction for their hard work and contribution to the group over the years.”