27th Feb 2025 14:29
(Alliance News) - Frasers Group PLC on Thursday said it signed a 10-year strategic retail partnership with Dubai-based GMG, aimed at boosting its footprint in the Gulf region and Egypt.
The Shirebrook, England-based owner of multiple retailers, including House of Fraser, Sports Direct and Flannels said GMG is a global retailer, distributor and manufacturer of international and home-grown brands across sport, lifestyle, health and beauty, among others.
Frasers cited a 50-store expansion plan to up its footprint in the Gulf region and Egypt, where GMG has a "strong" presence, alongside North Africa and Southeast Asia.
Frasers Chief Executive Officer Michael Murray said: "GMG is an unrivalled retailer in the region, operating and distributing an incredible portfolio of global brands in markets where we see real growth potential, particularly in sports and lifestyle. By leveraging GMG's scale, deep retail expertise and market knowledge, our partnership will support the growth of our Sports Direct brand in the Gulf and in Egypt."
GMG CEO Mohammad Baker said: "Our collaboration with Frasers Group represents not just a key milestone but a strategic expansion that underscores our commitment to redefine the sports arena across all markets in which we operate in. By introducing Sports Direct, a flagship brand in the industry, we are further positioning ourselves as a dominant force within the retail sports industry. At GMG, with over four decades of experience, we are committed to use our expertise in providing the best choices for quality products. We are uniquely positioned to integrate and scale Sports Direct's presence successfully, bringing it closer to our consumers and crafting unparalleled sports retail experiences".
Frasers shares were marginally lower at 620.85 pence each on Thursday afternoon in London, giving it a market capitalisation of GBP2.80 billion.
By Tom Budszus, Alliance News slot editor
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