Company changes name
Sports Direct rebrands as Frasers Group in image upgrade
Sports Direct: ‘now equally successful in the luxury market’
Sports Direct International is rebranding as Frasers Group as majority owner Mike Ashley takes the business upmarket.
The leisurewear retailer’s rebranding should follow shareholder agreement on 16 December, though the name change will only apply to the company, not the shops.
It comes after the company – best known for selling trainers and tracksuits – announced plans to launch a chain of 31 luxury high street stores named Frasers within the next financial year, with an initial five in 2020. It is not known if Jenners is included in this group, but the new stores will be modelled on luxury department store chain Flannels, which is also owned by Sports Direct.
In a statement, the company said: ““Once solely a leading international retailer in sports apparel, the company is now equally as successful in the lifestyle and luxury markets.
“The choice of the new brand reflects the elevation strategy encompassing the group as a whole and is therefore a fitting reflection for the company in the future.”
Ashley bought House of Fraser last year
Mr Ashley, who founded budget sportswear retailer Sports Direct in 1982, has been on an acquisition spree in recent years, rescuing a number of well-known brands which have been beset with problems.
He bought beleaguered department store House of Fraser out of administration last year and declared it would be transformed into the “Harrods of the high street”, though later he said it was a mistake and that its problems were terminal.
Sports Direct opened its first store in 1982. The group now has around 29,400 staff across six business segments: UK Sports Retail, Premium Lifestyle, House of Fraser Retail, European Sports Retail, Rest of World Retail, and Wholesale and Licensing.