E Point Perfect – Interesting and beneficial content

Frasers Group to snap up fast fashion business I Saw It First


Frasers Group to acquire I Saw It First just 1 month after buying Missguided
// Frasers Group has confirmed it is set to acquire the fast fashion site I Saw It First, following the retail giant’s takeover of Missguided last month
// Frasers said it now “looks forward to integrating” the brand into its vast portfolio

Just a month after buying Missguided, Mike Ashley’s Frasers Group has inked a deal to acquire fast fashion retailer I Saw It First.

In an announcement on the London Stock Exchange on Thursday morning, the Sports Direct owner confirmed The Telegraph’s reports that it was to buy the fast fashion site.

Founded by Jalal Kamani in 2017, I Saw It First was created after he helped his brother Mahmud create and build up fast fashion giant Boohoo.


Ashley’s son-in-law Michael Murray took over the role of CEO at the business and has previously said the retail giant “looks forward to integrating” the brand into its portfolio.

Just this June Frasers acquired the struggling fast fashion platform Missguided for £20m, beating off rival Boohoo.

I Saw It First will be the third big retail acquisition for Frasers Group as it also bought Studio Retail, in which it was a stakeholder, out of administration for just £1 in February.

The retailer will also “benefit from the strength and scale of Frasers Group’s platform,” the statement said.

Click here to sign up to Retail Gazette‘s free daily email newsletter


Source link >

Related posts

Checkout-free shopping booms as bricks-and-mortar retail scape changes

Waitrose spices up Cooks’ Ingredients range for Tik Tok-inspired chefs

Pets at Home revenues rise thanks to VIP loyalty scheme

UK economy rebounds in May despite cost-of-living crisis

Motatos raises £33m to boost UK expansion plans

Iceland launches 3p sale to help with cost-of-living crisis