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Frasers Group ups stake in N Brown

By Rachel Douglass

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Business

Simple Be. Image: N Brown PLC

Frasers Group, the owner of Sports Direct, Flannels and House of Fraser, has increased its stake in online fashion retailer N Brown to 5.04 percent, just one month after it had first bought into the group.

It comes after N Brown’s shares saw a sharp fall in October after it issued a revenue warning in light of the cost-of-living crisis.

The Manchester-based company, which owns the likes of Simply Be and JD Williams, cited a “difficult period of weakening consumer confidence” and “macroeconomic pressures” among the array of issues it was continuing to face.

In its report, N Brown said its revenue had dropped 4.6 percent to 347.4 million pounds in Q3, while its pre-tax profit had plunged 82.4 percent to 4.3 million pounds.

It joins the growing number of struggling retailers Frasers Group has been snapping up stakes in, with it having also acquired the likes of Missguided, Studio Retail and ISawItFirst this year alone.

The group additionally built up its stake of Asos, now holding over five percent in the e-tailer, which had recently announced a 100 million pound stock write-off to take place next year.

Frasers Group
N Brown