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Mike Ashley’s Frasers buys THG’s portfolio of luxury goods websites
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(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.
(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)
E-commerce refers to the buying and selling of goods and services over the internet. It encompasses various online transactions, including retail sales, electronic payments, and online marketplaces.
Luxury goods are high-quality products that are not essential but are desired for their quality, exclusivity, and prestige. These items often come with a higher price tag and are associated with wealth.
A partnership in business is a formal arrangement where two or more individuals or entities collaborate to manage and operate a business, sharing profits, losses, and responsibilities.
In finance, a portfolio refers to a collection of financial assets such as stocks, bonds, and other investments held by an individual or institution, aimed at achieving specific financial goals.
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