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THG backs outlook, as revenue grows, and strikes deal with Frasers

24th Jun 2024 09:18

(Alliance News) - Frasers Group PLC on Monday entered a multi-year partnership with the owner of Myprotein, THG PLC.

Frasers, which owns retail brands such as Sports Direct, Flannels and Jack Wills, said the partnership includes the integration of customer credit and loyalty proposition, Frasers Plus into THG's Ingenuity platform, benefiting customers across THG retail sites.

Frasers will also buy THG's luxury brand portfolio including Coggles, strengthening its premium and luxury portfolio, alongside Flannels, it said.

THG, the Manchester-based e-commerce retailer, noted the luxury division had sales of GBP43 million in 2023, broadly breaking even, despite a broader challenging luxury market.

THG said as part of the deal a range of Myprotein products would be launched in store at Sports Direct.

Frasers Chief Executive Michael Murray said: "This is an exciting step towards our Frasers Plus ambitions as we look to expand its offering across additional third-party platforms."

In addition, THG updated investors ahead of Monday's annual general meeting.

Guidance for the financial year remains unchanged, THG said.

THG reported further progress has been made in the first half of 2024 in line with previous revenue guidance, and the second quarter will represent the third consecutive quarter of year-on-year revenue growth.

Performance is underpinned by positive trading within the Beauty, external Ingenuity and offline Nutrition businesses, THG said, which have helped offset continuing FX headwinds within Asia.

Shares in Frasers rose 2.2% to 889.00 pence in London on Monday. Shares in THG rose 1.9% to 63.00p.

By Jeremy Cutler, Alliance News reporter

Comments and questions to [email protected]

Copyright 2024 Alliance News Ltd. All Rights Reserved.

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