Mike Ashley’s Sports Direct has announced plans to rebrand as Frasers Group, as part of its revitalisation plans.
The name change is an attempt to elevate the retailer’s image beyond sportswear and to “demonstrate the transformation of the company over recent years into the holder of a diversified portfolio of sports, fitness, fashion and lifestyle fascias.” There are currently no plans to rename the Sports Direct chain of shops.
Shareholders will vote on the rebrand at a general meeting held in London on 16th December. To approve the change, 75% of the votes cast at the meeting must be in favour. The change of name will not affect shareholder rights, and existing share certificates would remain valid.
The news comes after controversy into working conditions and governance at Sports Direct.
In May the company announced it would be rebranding some House of Fraser stores as Frasers, after Ashley bought the group out of administration last year. The rebranded Frasers stores will concentrate on luxury fashion, beauty, and Sports brands. He has since expressed regret about his decision to take over the ailing company, after it made a £54.6m operating loss in the last financial year.
Sports Direct has also bought out Evans Cycles, Sofa.com and Game Digital in the last 18 months.