Mike Ashley’s Frasers Group, UK’s largest sports goods retailer, announces the acquisition of online and store operations of Psyche following a buyout deal of undisclosed amount. Steve Cochrane, owner, Psyche will continue to run the business.
Steve has around 38 years of experience in managing the brand. He said “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.”
With this partnership, Frasers Group will support the retailer in its growth and expansion.
Last month Frasers Group had said that it had witnessed its half-yearly profit before tax jump by 17.6 per cent, which was largely due to good and steady growth in its e-commerce during the period.
Psyche’s fashion boutique in Middlesbrough hosts more than 200 high-end brands for men, women and children.