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Sports Direct to sell wholesale & licensing rights of Dunlop
30
Dec '16
Courtesy: Sportsdirect
Courtesy: Sportsdirect
UK based Sports Direct has signed an agreement to sell its wholesale and licensing business rights of the Dunlop brand to Sumitomo Rubber Industries (SRI). As part of the deal, SRI will grant Sports Direct a royalty free licence to continue to use the Dunlop brand for premium workwear and safety wear in Sports Direct owned retail outlets.

“SRI has agreed to pay $137.5 million in cash for the Dunlop business, which currently operates in the UK, Europe, USA, Canada and Asia except Japan, Korea and Taiwan,” London Stock Exchange news service RNS reported.

For fiscal ended April 24, 2016, Dunlop reported revenue of £42.64 million, gross assets of £41.76 million and pre-tax profit at £4.06 million.

According to Sports Direct, its senior management team needs to prioritise UK businesses and relationships with third party brands, while not having the resources to manage global brands at the same time.

“As such, Sports Direct intends to use the proceeds of sale to increase its commitment to its third party brand relationships,” the company added. (AR)

Fibre2Fashion News Desk – India


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