Frasers Group, owned by Mike Ashley and home to Sports Direct and House of Fraser, has announced a "binding agreement" to purchase German sports retailer SportScheck from Signa Retail Department Store Holding. The value of the deal remains undisclosed.
SportScheck, which operates 34 stores across Germany and generates annual revenues of around £303 million, will help Frasers expand its presence in Germany. Adidas, a key supplier partner, has praised the deal.
This acquisition is part of Frasers' strategy, which recently included increasing its stake in luxury brand Hugo Boss and online fashion retailer Boohoo.
Michael Murray, CEO of Frasers, said: "Acquiring the leading sporting goods retailer in Germany is a big step in our journey to becoming the number one sports retailer in EMEA (Europe, Middle East and Africa) and we are delighted to do this with the full support of major global brand partners, Adidas and Nike."
He added: "Growing and expanding our sports business is a key focus area in becoming an international retail business." and "The German market represents a huge opportunity for us, and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business."
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Adidas' boss, Bjorn Gulden, praised the efforts of Michael, stating: "Michael's elevation of Frasers Group and Sports Direct has been impressive."
He added: "The acquisition of SportScheck is another big commitment to the sports industry and a natural evolution in their strategy of becoming a global player. We are committed and excited to support Sports Direct on their journey."
* An AI tool was used to add an extra layer to the editing process for this story. You can report any errors to webhomepage@mirror.co.uk
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