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Sports Direct issues Agent Provocateur clarification

Sports Direct has released a statement clarifying that it has not acquired Agent Provocateur, following media reports to the contrary.

As reported by Drapers last week, Four Marketing, the agency in which Sports Direct has a 25% stake, snapped up Agent Provocateur through a pre-pack administration deal. Sports Direct has today emphasised that it was not the buyer.

It also clarified rumours that it paid £35m for the stake in Four Marketing two years ago – in fact, it paid £8.8m.

It comes after a number of industry observers told Drapers the Agent Provocateur deal had the hallmarks of Sports Direct boss Mike Ashley

Sports Direct also warned this morning that the falling value of the euro against the dollar would impact on gross margin.

It said its euro/dollar exchange rate was currently hedged at 1.46, which is due to expire at the end of FY17. It currently has no euro/dollar hedging in place for FY18.

Related reading

Mike Ashley-backed Four Marketing buys Agent Provocateur

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