British sportswear and apparel retailer Frasers said on Tuesday, 15 October 2024, it has bought a "significant" non-controlling stake in Africa-focused sport and fashion retailer and distributor, Hudson Malta.
The financial terms of the stake purchase were not disclosed, but Frasers said the agreement allows it to potentially acquire a controlling interest in Hudson in the future.
The deal will help the company enter the Maltese market with the first Sports Direct store planned to open in 2025, and further expansion in the Northwestern Africa market, Frasers said.
The British retailer has been diversifying its portfolio over the last few years and has bought stakes in several brands including Hugo Boss, ASOS, Boohoo, Currys and AO World.
It is currently in talks with Mulberry, of which it is the second-largest shareholder, to buy out the handbag maker for $145.1m.
Hudson manages close to 90 stores across Africa and southern Europe. and operates a distribution network of sport and fashion Brands, particularly Nike, in over 30 territories in Africa.
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