Sports Direct clarifies Agent Provocateur acquisition
Sports Direct clarified that it indirectly bought struggling lingerie retailer Agent Provocateur.
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On Thursday Sports Direct, through Four Holdings, bought agent Agent Provocateur after it went into insolvency.
Sports Direct said on Tuesday that it has a 25% stake in Four Holdings, which it bought for £8.75m two years ago, not the £35m which had been reported.
Separately, the FTSE 250 company also warned that a devaluation of the euro against the dollar would affect its gross margin.
Sports Direct’s euro/dollar exchange rate is currently hedged at $1.46, which is due to expire at the end of the 2017 financial year and said it does not have euro/dollar hedging in place for the 2018 financial year.
The euro is currently up 0.15% against the dollar to 1.0598.