Frasers Group to acquire THG’s luxury portfolio including Coggles
Frasers Group is to acquire THG’s luxury goods websites, including the Coggles fashion retailer, as it looks to strengthen its premium portfolio.
The group has also have entered a multi-year partnership with THG which includes the integration of its customer credit and loyalty proposition, Frasers Plus, into THG’s Ingenuity platform. This marks the first Frasers Plus partnership with an external company.
Michael Murray, chief executive Frasers Group said: “Today we are pleased to announce a new strategic partnership with THG, which includes launching our consumer credit and loyalty proposition, Frasers Plus across the THG Ingenuity platform.
“This is an exciting step towards our Frasers Plus ambitions as we look to expand its offering across additional third-party platforms. We are looking forward to working with the THG team and unlocking further benefits for both businesses.”
As part of the deal, THG will provide including courier management services to Frasers Group and re-platform the group’s Australian fulfilment and logistics operations via Ingenuity. In addition, a range of THG’s Myprotein products will be launched in-store at Sports Direct.
Matthew Moulding, chief executive of THG, said: “We are delighted to be partnering with Frasers Group across a broad range of initiatives, in particular bringing Frasers Plus to consumers shopping with Ingenuity clients, as well as to our own retail sites including Lookfantastic, Cult Beauty and Myprotein.
“Our luxury brand portfolio including Coggles has grown from a standing start eleven years ago, and we are eager to watch it develop further as an Ingenuity client.”
In a statement this morning ahead of its AGM today, THG also said that it has made further progress in the first half of its new financial year in line with previous revenue guidance. The performance has been underpinned by positive trading within beauty, external Ingenuity and offline nutrition businesses, which have helped offset continuing FX headwinds within Asia.
