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Sports Direct Takes Larger Stake in Iconix

U.K.’s largest sports retailer, Sports Direct International Plc, disclosed that it has strategically increased its stake in U.S. companies, including Iconix and Dick’s Sporting Goods.

The company said it holds nearly 5.6 million shares in Iconix Brand Group Inc., representing 11.52% of Iconix’s common stock.

Sports Direct also said it holds 2.3%, or 2.1 million shares, of issued common stock in Dick’s Sporting Goods.

In a statement, Sports Direct said decision to take these stakes is to allow the company to “hopefully build a relationship and develop commercial partnerships with the relevant parties” and to build partnerships with key suppliers and brands.

Sports Direct International operates approximately 455 sports stores in the U.K. and owns a portfolio of globally recognized sports, fashion and lifestyle brands, including Dunlop, Slazenger, Everlast, Lonsdale, Karrimor, Kangol, No Fear and Firetrap.