Mike Ashley’s Frasers Group, which owns Sports Direct, House of Fraser and Flannels, recently acquired fashion retailer Psyche—both stores as well as its online operations—following a buyout deal. Psyche owner Steve Cochrane, who has owned the business for around 38 years, will continue to run it after the takeover. The value of the deal was not disclosed.

“After 38 years as an independent fashion retailer we have never seen such uncertainty surrounding the pandemic with local lockdowns, it is great to have the security and backing of one of the strongest UK retailers to continue employing our talented staff and serve our loyal customers,” Cochrane was quoted as saying by British media reports.

“Merging with Frasers Group will allow us to grow and expand. It will give us economies of scale and efficiencies by being part of a large PLC,” he said.

Psyche’s 40,000sq ft luxury fashion boutique in Middlesbrough hosts more than 200 high-end brands for men, women and children although is currently closed due the Tier 4 restrictions.

Fibre2Fashion News Desk (DS)

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