Sports Direct lifts stake Iconix Brand Group
Sports Direct now owns an 11.5% interest in the owner of the Umbro, Lee Cooper, Ed Hardy brands, up from the 9% it has built up since November. In addition, it has bought a 2.3% stake in US retailer Dick's Sporting Goods.
The company said the move will allow Sports Direct to build a relationship and develop commercial partnerships with the two companies. It added: "They also help the company to build relationships with key suppliers and brands."
The move comes days after Sports Direct cut its full-year profit guidance after mild weather hampered Christmas sales.
In a trading update, the retailer said it had seen a "deterioration of trading conditions on the high street and a continuation of the unseasonal weather over the key Christmas period". Sports Direct now expects adjusted underlying EBITDA (before share scheme costs) to range from GBP380-420m.
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