Frasers Group plc is going deeper into the world of digital fast fashion.
Sports Direct and owner Jack Willis said on Thursday it will integrate its new acquisition I Saw It First into Missguided, the Shein rival it recently rescued from bankruptcy for $25.2 million.
He pointed out that I Saw It First, which plays in the same space as Fashion Nova, reaches more than 5 million consumers and has “rapidly grown its digital presence since its launch in 2017”.
“I Saw It First will benefit from the strength and scale of Frasers Group’s platform and the integration with Frasers’ recently acquired business Missguided,” he said of the digital fast fashion supplier that will be out under an insolvency administrator and a standalone business under Frasers next month.
Last month, Frasers also took strategic stakes in two fashion firms. Through the purchase of Hugo Boss ordinary shares and an additional equity stake through the sale of put options, Frasers has a total interest in the fashion brand of 770 million pounds ($932.9 million). Frasers has increased its investment stake in the German luxury brand since last year.
Frasers now also holds a 28.7 per cent stake in Australian-based fashion marketplace MySale plc, which connects global buyers and sellers with Australian and New Zealand e-commerce sites. The strategic partnership can help more Frasers bottom line products through an established clearance channel.
Mergers and acquisitions have been an active sector in the UK in recent weeks.
UK sustainable bag brand Troubadour last week acquired Dutch premium tech accessories label Mujjo. Details of the transaction were not disclosed, but the acquisition is a first for Troubadour, which was recently awarded the highest B Corp score of any UK-based clothing, footwear or accessories brand.
“While many companies in the tech accessory space focus primarily on marketing and acquiring paying customers, Mujjo has built a loyal following by prioritizing product development and customer experience – which is the same approach we took with Troubadour, ” co-founder of Troubadour Abel. Samet said. “Add to that the same emphasis on innovation, aesthetics and attention to detail, and our brands are very well aligned.”
The Troubadour’s annual sales are in the mid-seven figures, with under $5 million raised to date. The company plans to grow by acquiring brands with an established customer base. A source told Sourcing Journal that Troubadour is “actively seeking” new takeover targets.
Last month also saw the sale of British fashion and homeware brand Cath Kidston to restructuring specialist HIlco Capital from Baring Private Equity Asia. And contemporary men’s and women’s fashion retailer Ted Baker is still said to be weighing its options after a potential buyer – believed to be the owner of Reebok Authentic Brands Group – walked away from any potential deal. Ted Baker said at the time that the reason was “not related to its due diligence review of the company.” In fact, Ted Baker said earlier this year that his team has been working on a turnaround plan for which is showing improvement in both sales and operations.
