Sports Direct has bought a majority stake in premium indie mini-chain Flannels for an undisclosed sum.
The sportswear giant, which took majority stakes in USC and Cruise last year, has acquired a 51% stake in Flannels, which carries brands including Dolce & Gabbana and Lanvin.
Flannels will be incorporated into the premium and luxury lifestyle division which Sports Direct set up when it made the acquisitions last year. It also includes indies Cruise and Van Mildert.
Flannels has six UK stores. It reported a pre-tax loss of £256,000 in the year to March 31, 2011. Flannels founder Neil Prosser retains a 49% stake in the business and will remain as managing director.
Sports Direct chief executive Dave Forsey said: “Flannels is a fantastic business and a perfect fit alongside Cruise and Van Mildert within our Premium Lifestyle division. We look forward to working with Neil and his team to build an even stronger business over the coming years.”
Sports Direct unveils its preliminary results next Thursday.