Frasers Group nabs stake in JD Williams and Simply Be owner
Frasers Group has snagged a 4.5 per cent stake in online retailer and JD Williams owner N Brown, as the retailer continues to put its stamp on the UK high street.
The Sports Direct owner is now the sixth-largest shareholder of the Jacamo and Simply Be owner.
“We are always pleased to welcome new shareholders to the group as we continue to progress our digital transformation strategy to deliver long-term sustainable profitable growth,” N Brown said in a statement.
The retailer has seen its share price take a battering to the tune of just under 50 per cent over the past year, as apparel sellers have struggled with a consumer spending slowdown in recent months.
Frasers has snapped up a number of retailers in the past year, as it looks to diversify its portfolio of physical and digital brands – with the series of acquisitions including online fast fashion firms Missguided and I Saw It First.
It is also looking to buy Australian marketplace MySale, with the latter urging its shareholders to accept Frasers’ offer on Wednesday.
Shares in the high street giant were down almost three per cent in late morning trading on Wednesday.
Last month, Frasers made a return to the London Stock Exchange’s FTSE 100.
In a LinkedIn post, new CEO Michael Murray said the “significant milestone reflects the strength of our strategy and the strong performance that Frasers Group continues to deliver.”
Murray, who is married to the daughter of the retailer’s former CEO Mike Ashley, previously did a stint as the brand’s head of elevation and helped it head in a more upmarket direction.