Bury-based FTSE 100 retailer JD Sports Fashion plc announced that it has formally completed the divestment of the businesses which trade as Tessuti (inc Xile), Scotts, Choice, Giulio and Cricket to Frasers Group Plc.
“All the terms of the transaction remain as outlined in the announcement made on 16 December 2022,” said JD Sports.
“Separately, the group can confirm that Rascal Clothing Limited has been withdrawn from the transaction with Frasers as one of the founders has exercised a pre-emption right agreed as part of the group’s acquisition of Rascal on 5 February 2019.
“The divestment of Rascal completed on 6 February 2023.
“The group expects to complete the divestment of the business which trades as Topgrade Sportswear in due course.”
On December 16 JD Sports announced it would simplify 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 .