(Sharecast News) - Ecommerce services and fulfilment group THG has announced a new multi-year partnership with retail conglomerate Frasers Group that includes the sale of its portfolio of luxury goods websites.
The portfolio, which includes fashion retailer Coggles.com, achieved sales of £43m and was more or less breakeven in 2023. The deal was for an undisclosed amount, though THG said it would continue to support the portfolio through its Ingenuity ecommerce solutions across technology, digital marketing and fulfilment services post disposal.
As part of the wider partnership, THG will also provide courier management services as well as the re-platforming the Frasers' Australian fulfilment and logistics operations. Meanwhile, Frasers' credit and loyalty platform will be integrated into Ingenuity's checkout and Sports Direct is adding THG's Myprotein sports supplements range to its in-store offering.
The partnership was announced alongside a trading update from THG, which said that its first-performance has been in line with guidance, with the second quarter seeing the third straight quarter of annual revenue growth.
"The group's performance is underpinned by positive trading within the Beauty, external Ingenuity and offline Nutrition businesses, which have helped offset continuing FX headwinds within Asia. Guidance for FY 2024 remains unchanged," the company said.
Shares were up 0.5% at 62.15p by 0835 BST.
Thg (THG)