MIKE ASHLEY'S SPORTS DIRECT TO REBRAND AS FRASERS GROUP
Sports Direct International, the retail business founded by tycoon Mike Ashley, has announced a plan to rebrand as Frasers Group.
The FTSE 250 company has tabled a shareholder vote to change its company name to Frasers Group as the business attempts to improve its image.
Shareholders will vote on the proposed rebrand on December 16.
The move follows a recent announcement that the retailer will launch a new lifestyle store chain called Frasers on the high street within the new financial year.
Sports Direct said the rebrand has been proposed to "reflect the changing profile and consumer proposition of the group".
It said the move is "reflective of the business strategy of the company to elevate its retail proposition across all channels and demonstrates the transformation of the company over recent years into the holder of a diversified portfolio of sports, fitness, fashion and lifestyle fascias".
The company said it was once "solely a leading international retailer in sports apparel", but is now "equally as successful in the lifestyle and luxury markets".
Earlier this month, Mr Ashley signalled that his recent acquisition drive had been placed on hold.
The company has faced a series of challenges in its retail portfolio, including efforts to turn around the "terminal" problems at House of Fraser, which Sports Direct bought out of administration last summer.Published: by Radio NewsHub