Frasers Group has struck a new multi-year partnership with THG, which will see the online group integrate the Frasers Plus credit offer into its Ingenuity platform while the Mike Ashley-controlled business snaps up its luxury brands business, including Coggles.
Retail Gazette revealed that the Mike Ashley-controlled group was close to buying Coggles on Friday.
As part of the partnership, THG will support Frasers with courier management services and re-platforming its Australian fulfilment and logistics operations.
The Frasers Plus integration is the first third-party tie-up for its credit offer and its understood that the group wants to grow this side of the business. It emerged over the weekend that it had pitched some of the retailers it has bought stakes in, such as Asos, Boohoo and Currys, to add the credit offer to their payment options.
Frasers Group CEO Michael Murray said: “This is an exciting step towards our Frasers Plus ambitions as we look to expand its offering across additional third-party platforms. We are looking forward to working with the THG team and unlocking further benefits for both businesses.”
THG CEO Matthew Moulding added: “We are delighted to be partnering with Frasers Group across a broad range of initiatives, in particular bringing Frasers Plus to consumers shopping with Ingenuity clients, as well as to our own retail sites including Lookfantastic, Cult Beauty and Myprotein.
“Our luxury brand portfolio including Coggles has grown from a standing start eleven years ago, and we are eager to watch it develop further as an Ingenuity client. The success of Coggles has only been possible through the hard work and dedication of THG’s luxury team, to whom we all want to extend our thanks and gratitude.”
Elsewhere, a curated range of Myprotein products are also set to be launched in-store at Sports Direct, including the Hyrox x Myprotein range.
THG said “the launch across Sports Direct stores further supports the success of the recent rebrand and the offline growth potential of the brand.”
“Launching collaboration products through Sports Direct further broadens the Myprotein brand appeal, bringing the rapidly growing Hyrox community to both Myprotein and Sports Direct alike,” it said.
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THG also kept its 2024 forecast unchanged and noted that its current quarter will be its third consecutive quarter of year-on-year revenue growth.
The online group said it has “continued to build on its momentum from Q4 2023”, particularly within its beauty, external Ingenuity, and offline Nutrition segments. Positive trading in these areas has counterbalanced ongoing foreign exchange headwinds in Asia.
The online giant’s beauty arm saw a 45% increase in app downloads year-on-year and growing loyalty programme memberships.
Across nutrition, THG said the rebranding of Myprotein is progressing, with 80% of products by online revenue expected to feature new branding by the end of Q3 2024.
It noted major listings have been secured across key retailers, including Costco and GNC in the US, and Boots and WHSmith in the UK.
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