Frasers Group has bought another company with the purchase of designer fashion retailer Psyche for an undisclosed sum. The company has a 40,000 sq ft shop in Middlesbrough, and a webstore, and employs 58 people in total.
Frasers Group is continuing its deep dive into the luxury sector. On Thursday it announced that it has increased its already-large stake in leather goods company Mulberry and could make an offer for the brand.
Mike Ashley's Frasers Group, formerly Sports Direct, has taken a 5.1% stake in German label Hugo Boss through stocks and derivatives, continuing his drive to take the British sportswear and apparel retailer upmarket.
It was a mix of the good and the bad as Sports Direct delivered its results on Thursday with the global retail giant clearly still a work-in-progress that's advancing in some areas, but also seeing a profits drop.
Sports Direct saw its profits taking a dive last year and currency effects are hitting margins hard. But new-gen stores, a deal with Asics and strong premium lifestyle and licensing ops give it reasons to be cheerful