Business
AGREEMENT TO DIVEST NON-CORE UK FASHION BRANDS
AGREEMENT TO DIVEST NON-CORE UK FASHION BRANDS.
About this update from Jd Sports Fashion Plc
[{"type":"text","content":"\n \n \n \n 16 December 2022\n \n \n \n \n JD SPORTS FASHION PLC\n \n \n \n \n AGREEMENT TO DIVEST NON-CORE UK FASHION BRANDS\n \n \n \n JD Sports Fashion Plc ('JD' or 'Group'), a leading global retailer of sports, fashion and outdoor brands, today announces that, following a strategic review led by the Group's Chief Executive Officer, it is significantly simplifying its branded fashion offer through the divestment of 15 UK-based non-core fashion businesses* ('Divested Businesses') to Frasers Group Plc for an aggregate cash consideration of up to £47.5m. Completion on the acquisition of shares in eight of the Divested Businesses and on the acquisition of all of the debt owing to JD by the Divested Businesses took place immediately on exchange with completion on the acquisition of shares in the remaining seven businesses expected in early 2023.\n \n \n The divestment of these businesses will allow the Group to focus more fully on the opportunities across the rest of the Group, in particular the international and digital expansion of the Group's core premium sports fashion fascias.\n \n \n This divestment will result in the Group recognising a non-cash exceptional charge in its annual accounts for the period to 28 January 2023 of approximately £100 million.\n \n \n Régis Schultz, CEO of JD, said:\n \n \n \"JD is rightly recognised for its laser focus on the customer and we are convinced that the most significant opportunities lie in the continued international development of the Group's global sports fashion businesses.\n \n \n \"We are pleased to have agreed the sale of these attractive, but non-core, brands and I would like to express my sincere thanks to all colleagues at the businesses which form part of the transaction for their hard work and contribution to the Group over the years.\"\n \n \n - ENDS -\n \n \n \n \n \n \n Enquiries:\n \n \n \n \n \n \n \n JD Sports Fashion Plc \n \n \n Tel: 0161 767 1000\n \n \n Andy Higginson, Chair\n \n \n Régis Schultz, Chief Executive Officer\n \n \n Neil Greenhalgh, Chief Financial Officer\n \n \n Alison Lees, Director of Investor Relations and Treasury\n \n \n \n \n \n \n \n \n FGS Global \n \n \n Tel: 0207 251 3801\n \n \n Rollo Head\n \n \n Jenny Davey\n \n \n James Thompson\n \n \n \n \n \n \n \n * List of Divested Businesses\n \n \...