Frasers Group Plc is taking over German sports retailer SportScheck.
The British retail group has reached a “binding agreement” with Signa Retail Department Store Holding GmbH to acquire SportScheck, Frasers Group announced on Tuesday. The parent company of the British sporting goods retailer Sports Direct wants to expand its presence in Germany.
Frasers wants to be at the forefront of European sports retail
“The acquisition of the leading sporting goods retailer in Germany is a big step on our path to becoming the number one sports retailer in Europe, the Middle East and Africa (EMEA) – and we are pleased to be able to do this with the full support of the major global Brand partners Adidas and Nike can do,” said Michael Murray, CEO of Frasers Group. “The growth and expansion of our sports business is an important focus on our path to becoming an international retail company. The German market represents a great opportunity for us and we look forward to bringing our experience, resources and relationships to strengthen the SportScheck business.”
As part of the group, SportScheck will benefit from the Elevation strategy, which “has led to strong performance across the business through investment in store concepts, digital capabilities and strengthened brand relationships,” Frasers said. The collaboration with retailer Sports Direct as a strategic partner for global sports brands such as Adidas and Nike also supports the company and international growth.
“Michael’s rise through Frasers Group and Sports Direct has been impressive,” said Adidas CEO Bjørn Gulden. “The acquisition of SportScheck is another major commitment to the sports industry and a natural evolution in its strategy to become a global player. We are committed and excited to support Sports Direct on its journey.”
About SportScheck
SportScheck operates 34 locations in Germany and reaches around 13 million customers per year. Annual sales are around 350 million euros. Since October 2021, the Munich retailer has been led by managing director Matthias Rucker, who succeeded Thomas Wanke.
The acquisitions are scheduled to be completed in the first quarter of 2024 and are subject to merger control approval. The previous owner, the Austrian conglomerate Signa, only took over SportScheck from the Hamburg trading and services group Otto Group at the beginning of 2020.