Sports Direct to expand into Europe

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In an update to markets  the Mike Ashley backed retailer said the deal - which will see the business takeover 34 stores - will help Frasers to grow its presence in the European region. 
Frasers Group, said that the sale was backed by sport powerhouses Nike and Adidas who are assisting  the business in its expansion strategy. 

Sports Direct will expand into major UK and European, in part to take on rival JD Sports.

Michael Murray, head of elevation at parent company Frasers, said Sports Direct would expand via both acquisitions and “incremental opportunities” to help built its presence at home and abroad, the Financial Times first reported.

“We have a strong and compelling five-year plan to become the partner of choice for brands. We’ve spent three years testing, learning and building confidence with our partners,” he said.

Murray did not say what the total cost of the expansion could be, or set out any targets for store openings.

He said it was likely UK flagships would be in cities like Manchester and Birmingham.

Sports Direct has operations in a handful of European countries, but lacks flagship stories in major cities.

According to the FT, JD Sports has more stores in Berlin and Paris alone than Sports Direct has in the whole of Germany.