The Frasers Group has acquired British online womenswear retailer I Saw It First for an undisclosed sum, adding another business to its fast-growing portfolio. The group confirmed the acquisition Thursday after weeks of media speculation about a potential deal.
In a brief statement, Frasers Group said it was excited to onboard the online retailer, which “has over 5 million customers and has rapidly grown its digital footprint since launching in 2017.”
The company added that I Saw It First will benefit from the “strength and scale of Frasers Group’s platform and from the integration with recently acquired Missguided.”
The deal comes just a month after acquisition-loving Frasers Group bought I Saw It First competitor Missguided out of bankruptcy for £20m.
Targeting fast fashion shoppers under the age of 30, I Saw It First was founded in 2017 by Jalal Kamani, brother of Boohoo co-founder Mahmud Kamani.
In its most recent annual report for the year ended October 3, 2021, the company reported a 70 percent year-on-year increase in revenue to £74.78 million.
Frasers on an acquisition spree
This is the latest in a long line of acquisitions by Frasers Group as the dust settles from the pandemic.
In June the group bought a 29% stake in Australian fashion marketplace MySale, while in February it bought British retailer Studio Retail.
The Frasers Group has also acquired stakes in upscale brands like Mulberry and Hugo Boss in recent years as part of its “upgrade” strategy.
In an annual report last week, the group said it had made a pre-tax profit of £344.8m for the year ended April 24, compared with a loss of £39.9m a year earlier. In the same period, group sales excluding acquisitions rose 30.1 per cent to £4.75 billion as customers flocked back to physical stores after lockdown restrictions ended.
Based on the results, the Frasers Group raised its FY23 outlook but warned that the “significant increase in general operating expenses” the company experienced over the year amid rising inflation and widespread supply chain issues , could continue.
This translated and edited post previously appeared on FashionUnited.uk.