30 January 2024 , 15:37
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Mike Ashley's Frasers Group, the owner of Sports Direct, has purchased sports performance brand WIT Fitness.
The group, which also owns House of Fraser, said it had acquired the assets and intellectual property of WIT Fitness, a specialist gym and fitness wear group based in London. James France, the group head of acquisitions at Frasers Group, said the group was delighted to have acquiring WIT Fitness.
He said: "We are pleased to have acquired the assets and IP of WIT Fitness, a globally recognised CrossFit and fitness performance brand." He explained that the acquisition supports their ambition to be a world-leading sports retailer and they look forward to investing in the future success of the brand.
Frasers Group, majority-owned by retail tycoon Mr Ashley, has been actively buying up retailers and stakes in retail sectors in recent years. This includes increasing its stake in online fashion firms Boohoo and Asos, as well as acquiring luxury clothing retailer Matches Fashion in a deal worth around £52 million in December 2023.
Frasers Group has been busy buying upmarket brands like Savile Row's Gieves & Hawkes and putting more money into names like Hugo Boss. They said they're going to keep on with their "elevation strategy" under chief executive Michael Murray, who is also the son-in-law of Mr Ashley.
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