Frasers Group reveals I Saw It First acquisition cost £1
Frasers Group has revealed that it acquired online fast fashion brand I Saw It First for just £1.
The retail giant, which owns Sports Direct, Flannels, and House of Fraser, reported in July 2022 that acquired the business for an "undisclosed sum".
In a statement, Frasers Group said: "Frasers looks forward to integrating I Saw It First, which today has over five million consumers, having rapidly grown its digital presence since its launch."
I Saw It First was founded in 2017 by Jalal Kamani, the brother of Boohoo Co-founder Mahmud Kamani.
For its annual results ending 3 October 2021, the brand reported a 30% increase in revenue. However, despite an increase in sales, it reported a loss after tax of £7.8 million, compared to £7.5 million loss in the previous year.
Since the date of control, Frasers Group reported that I Saw It First has made an operating loss of £5.8 million against £5.6 million in total sales.
The acquisition of I Saw It First followed Frasers Group purchase of Missguided in June 2022 for £20 million. Following the acquisition, Missguided's founder Nitin Passi returned to the brand as CEO.
The acquisition accounting for the deal will be finalised as part of the FY23 Annual Report, due to be published next year.