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Mike Ashley’s Frasers buys THG’s portfolio of luxury goods websites

by Uma
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Mike Ashley’s Frasers buys THG’s portfolio of luxury goods websites

(Reuters) -British e-commerce firm THG has agreed to sell its portfolio of luxury goods websites to Mike Ashley’s Frasers Group for an undisclosed sum, it said on Monday.

THG and Frasers have also agreed on a partnership across several areas including with THG Ingenuity, the online platform that serves third-party brands, and online sports nutrition brand Myprotein.

Frasers, the British sportswear and apparel retailer controlled by Ashley, has been bolstering its luxury offering, which includes FLANNELS.

THG’s portfolio of luxury goods websites include coggles, an international fashion retailer that is home to designer collections.

Its luxury division made about 43 million pounds ($54.39 million) in sales last year and was broadly break-even despite the tough luxury market, THG said.

($1 = 0.7906 pounds)

(Reporting by Yadarisa Shabong in Bengaluru; Editing by Mrigank Dhaniwala and Sherry Jacob-Phillips)