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Frasers Group PLC has bought sports performance brand WIT Fitness as it continues its investment spree. Frasers Group, which owns Sports Direct and House of Fraser, said it had bought the assets and intellectual property of WIT Fitness, which is a specialist gym and fitness wear group. WIT Fitness, which provides CrossFit training, has its headquarters in London and currently employs around 15 staff members. CrossFit, founded in 2000, is a high-intensity fitness programme that has affiliations with 12,000 gyms worldwide, including WIT Fitness. James France, the group head of acquisitions at Frasers Group, said: ‘We are pleased to have acquired the assets and IP of WIT Fitness, a globally recognised CrossFit and fitness performance brand. ‘This acquisition supports our ambition to be a world-leading sports retailer, by bringing another elevated sports brand into Frasers Group’s diverse ecosystem. ‘We look forward to investing in the future success of this globally recognised brand.’ Frasers, which is majority-owned by retail tycoon Mike Ashley, has been snapping up a raft of retailers and stakes in the sector in recent years. It has been upping its stake in online fashion firms boohoo Group PLC and Asos PLC, while the firm also acquired luxury clothing retailer Matches Fashion in a deal worth around £52 million in December 2023. Frasers has likewise bought brands such as Savile Row tailors Gieves & Hawkes, and increased investment in brands such as Hugo Boss. It said last month it would continue to push forward with its ‘elevation strategy’ under Chief Executive Michael Murray, who is also the son-in-law of Mr Ashley. source: PA Copyright 2024 Alliance News Ltd. All Rights Reserved.
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