Streetwear brand Gio Goi could be the latest label to be snapped up by Mike Ashley’s Sports Direct after it went into administration last week.
Drapers exclusively broke the news last week that the brand had slipped into administration having fallen victim to the recession. Jane Moriarty and Colin Haig of restructuring firm KPMG were appointed as administrators.
According to The Guardian sportswear business Sports Direct is now in talks to acquire Gio Goi from the administrators.
Last week Moriarty told Drapers: “We are now looking to sell the business and assets and will continue to satisfy customer orders pending a sale of the business.”
If the deal were to go ahead the sportswear brand would be added to Sports Direct’s brand portfolio which includes Firetrap, Lonsdale and Slazenger.
Mike Ashley bought young fashion brand Firetrap last March, which later led to Sports Direct selling Firetrap stock priced 75% lower than in stockists.
If Ashley’s Sports Direct were to buy Gio Goi it would further cement Ashley’s plans to expand beyond the sportswear category.
The brand has however been a casualty to the tough high street trading conditions and in July last year, closed its retail division, which comprised of three stores in Aberdeen, Manchester and Glasgow.