Mike Ashley-owned Frasers has announced a deal to acquire the premium fashion brands of JD Sports in a deal worth around £47.5 million.

The deal saw the immediate transfer of eight brands to Frasers. These include Base Childrenswear, Clothingsites (including Brown Bag Clothing), Kids Cavern, Missy Empire, Nicholas Deakins, Pretty Green, Prevu Studio and Watch Shop. A further seven brands – Choice, Cricket, Giulio, Rascal Clothing, Tessuti (including Xile), Scotts, and Topgrade Sportswear (including Get The Label) – will change hands in early 2023.

Frasers Group will fund the swathe of brand acquisitions through existing cash resources.

The news comes at a time when Frasers Group, formerly Sports Direct, is increasingly driving into a more premium market. The company has recently upped its stake in online fashion giant Asos to 5%, and has increased its exposure to German brand Hugo Boss.

Régis Schultz, CEO of JD, said: "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."

In a separate statement, JD Sports said: “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."

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