JD Sports Fashion Plc AGREEMENT TO DIVEST NON-CORE UK FASHION BRANDS (0565K)
16 Diciembre 2022 - 9:59AM
UK Regulatory
TIDMJD.
RNS Number : 0565K
JD Sports Fashion Plc
16 December 2022
16 December 2022
JD SPORTS FASHION PLC
AGREEMENT TO DIVEST NON-CORE UK FASHION BRANDS
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 GBP47.5m. 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.
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.
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 GBP100 million.
Régis Schultz, CEO of JD, said:
"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.
"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."
- ENDS -
Enquiries:
JD Sports Fashion Plc Tel: 0161 767 1000
Andy Higginson, Chair
Régis Schultz, Chief Executive Officer
Neil Greenhalgh, Chief Financial Officer
Alison Lees, Director of Investor Relations and Treasury
FGS Global Tel: 0207 251 3801
Rollo Head
Jenny Davey
James Thompson
* List of Divested Businesses
1. Base Childrenswear
2. Kids Cavern
3. Pretty Green
4. Prevu Studio
5. Nicholas Deakins
6. Missy Empire
7. Clothingsites (incl Brown Bag Clothing trading website)
8. Watch Shop
9. Cricket(#)
10. Giulio(#)
11. Choice(#)
12. Tessuti (incl Xile)(#)
13. Scotts(#)
14. Rascal Clothing(#)
15. Topgrade Sportswear (incl Get The Label trading
website)(#)
# Sale of shares not yet completed
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
AGRFLFEEFDLRLIF
(END) Dow Jones Newswires
December 16, 2022 10:59 ET (15:59 GMT)
Jd Sports Fashion (LSE:JD.)
Gráfica de Acción Histórica
De Mar 2024 a Abr 2024
Jd Sports Fashion (LSE:JD.)
Gráfica de Acción Histórica
De Abr 2023 a Abr 2024