Frasers Group acquires stake in N Brown Group
Frasers Group, the owner of Sports Direct and House of Fraser, has acquired a 4.54% stake in N Brown Group.
Based in Manchester, N Brown Group's brands include Simply Be, JD Williams and Jacamo.
Frasers Group, which was founded by Mike Ashley but now run by his son-in-law Michael Murray, has acquired a number of brands in recent years.
Earlier this year, the group acquired Lancashire-based Studio Retail Group after it collapsed into administration. The group also recently acquired struggling fast fashion brands Missguided and I Saw It First and has amassed stakes in both Hugo Boss and Mulberry.
The news follows N Brown's financial results for the first half ending 27 August 2022, revealing a 4.6% drop in revenue to £331.5 million. Its adjusted profit before tax was down 82.4% to £4.3 million and adjusted net debt totalled £243.5 million.
N Brown Group said it expects to see the decline in revenue continue into the second half, due to ongoing challenging market conditions.
Commenting on the announcement, Frasers Group said: “We are always pleased to welcome new shareholders to the group as we continue to progress our digital transformation strategy to deliver long-term sustainable profitable growth.”
TheIndustry.fashion has reached out to N Brown Group for comment.
