Frasers Group, the parent of Sports Direct, has acquired UK-based fashion retailer Psyche’s stores and online business for an undisclosed sum.
Psyche is an upmarket fashion retailer that sells labels including Balmain and Kenzo and currently operates two stores in Middlesbrough and Durham in the UK.
Psyche owner Steve Cochrane, who has run the business for the past 38 years and will continue as CEO following the takeover, said the deal would secure the future of his company and its 58 workers.
“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 said. “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.”
Fraser also owns House of Fraser and Flannels as well as EMS and Bob’s Stores in the U.S.
Photo courtesy Psyche