Mike Ashley’s Frasers Group has added apparel retailer Psyche to its growing umbrella of brands.
Terms of the transaction, which includes its online business, were not disclosed. The designer fashion retailer sells apparel from over 200 high-end fashion brands for men, women and children.
“With a 40,000 square foot flagship store, a stand-alone boutique and a globally recognized website, Psyche continues to provide a captivating shopping experience for men, women and children as 2020 marks our 38th year in the business,” the retailer’s website says.
Overseas reports indicate that Psyche owner Steve Cochrane, who has operated the retailer for 38 years, will continue to run the operation, along with the company’s 58 staff members. BBC News reported that his title will shift to Psyche CEO.
“After 38 years as an independent fashion retailer we have never seen such uncertainty surrounding the pandemic with local lockdowns, it is great to have the security and backing of one of the strongest UK retailers to continue employing our talented staff and serve our loyal customers,” Cochrane told Teesside Live, which also reported that the value of the deal includes the Linthorpe Road building that used to house Uptons.
Other brands in Frasers Group’s portfolio include House of Fraser, Sports Direct, Flannels, Jack Wills, Evans Cycle and Lillywhites.
Frasers Group is on the hunt for more brands to acquire. It is said to be interested in bankrupt fashion groups Arcadia Group and Debenhams.
In August, Frasers Group acquired 71 locations of bankrupt DW Sports, a sports retailer and gym operation. The locations include 40 gym sites and 31 retail shops that sell merchandise, including fitness apparel.