Member Article

Mike Ashley moves to put the record straight over Agent Provocateur acquisition

Sports Direct, the United Kingdom’s largest sports-goods retailer led by Newcatle United owner Mike Ashley, has released a statement this morning in relation to recent reports over the acquisition of British lingerie retailer Agent Provocateur.

The sporting business, which operates roughly 670 stores worldwide, said that ‘recent press reports have incorrectly stated that Sports Direct has acquired Agent Provocateur’.

In actuality, Agent Provocateur has been acquired by Four (Holdings) Limited, a company in which Sports Direct has a shareholding of 25%, as opposed to the sports retailer directly snapping up the company.

Sports Direct also condemned reports that it paid £35m two years ago for a stake in Four Marketing. Instead the retailer revealed that the amount paid for the shareholding in Four (Holdings) Limited was £8.75m.

Separately, the business went on to respond to enquiries regarding currency. Sports Direct’s Euro/Dollar exchange rate is currently hedged at 1.46, which is due to expire at the end of FY17 and it currently has no Euro/Dollar hedging in place for FY18.