Mike Ashley’s Sports Direct and the value retailer he also backs, Findel, are to increase their commercial partnership, following a successful pilot which saw Sports Direct’s products sold on the Findel site.
In a statement, Findel said the businesses were exploring a development of the “commercial supply arrangements” between its largest subsidiary, Express Gifts Limited (EGL), and Sports Direct.
In November last year Findel announced its aim to expand clothing and footwear partnerships with third party brands. It currently also stocks brands including Nike, Lipsy, Superdry and Skechers.
Sports Direct International is the largest shareholder in Findel, with boss Mike Ashley holding a 29.9% stake in the business. As part of the new agreement, Sports Direct’s head of strategic investment, Liam Rowley, will attend Findel board meetings as an observer.
Findel’s group like-for-like reported revenue grew by 6.1% to £226m in the 26 weeks to 29 September. Adjusted profit before tax soared by 526.3% to £11.9m.