Sports products & clothing retailer Sports Direct has today announced the acquisition of a 51 per cent venture into the Flannels Group Limited, one of the UK’s largest luxury retail groups.
Founder of Flannels Neil Prosser will continue to invest in the company and retain 49 per cent of the shareholding.
Remaining as Manager Director, Prosser will see his company merge into Sports Direct Premium Lifestyle alongside Cruise and Van Mildert.
Specialising in designer clothes for both men and women, fashion brands available at the retailer include Dolce & Gabanna, Tom Ford, Lanvin, Paul Smith, Monclear and Canli.
Dave Forsey, CEO of Sports Direct, said this acquisition fits in well with the retailer’s current proposition.
He said: “Flannels is a fantastic business and a perfect fit alongside Cruise and Van Mildert within our Premium Lifestyle division.
“We look forward to working with Neil and his team to build an even stronger business over the coming years.”
Despite ongoing economic gloom and a reduction in disposable income, the UK luxury market appears to be flourishing, although yesterday luxury designer brand Nicole Farhi announced a restructure that will see numerous head office staff made redundant .
Prosser, who founded his company in 1976, now owns six stores including one in Manchester, Nottingham, Liverpool and Cardiff and is optimistic about the deal.
He said: “This is a very exciting and transformational deal for Flannels and I am delighted to be working with Sports Direct whose track record in building successful partnerships in retail is second to none.”