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THG and Frasers Group Team Up: Myprotein Range to Land in Sports Direct Stores

Sam Boughedda trader
Updated 24 Jun 2024

THG PLC (LON: THG) announced a major partnership with Frasers Group (LON: FRAS) on Monday, which encompasses several areas to strengthen both companies' offerings.

The agreement includes a multi-year deal for THG Ingenuity, THG's technology and services arm, to manage courier services and revamp Frasers Group's Australian fulfillment operations.

Additionally, Frasers Group's loyalty program, Frasers Plus, will be integrated into THG's Ingenuity checkout, providing benefits to THG's customers across Beauty and Nutrition sectors, and future Ingenuity clients.

THG's Myprotein brand will also benefit from the partnership. A curated selection of Myprotein products, including the Hyrox collaboration line, will be launched in Sports Direct stores across the UK.

This leverages Myprotein's position as the top online sports nutrition brand and strengthens its offline presence. The collaboration also broadens Myprotein's appeal by introducing the Hyrox fitness community to both brands.

Finally, THG has agreed to sell its luxury goods websites, including Coggles.com, to Frasers Group. While THG's luxury division achieved break-even status in FY 2023 despite market challenges, the company will focus on its core Beauty, Ingenuity, and Nutrition businesses moving forward.

THG Ingenuity will continue to provide technology, digital marketing, and fulfillment services to the luxury brand portfolio post-sale.

In THG's release, press release, the company also provided its AGM trading statement, stating it has made further progress in the first half, in line with previous revenue guidance, while the second quarter will represent the third consecutive quarter of year-on-year (YoY) revenue growth.

The company highlighted positive trading in the Beauty category, as well as its external Ingenuity and offline Nutrition businesses, which have helped offset continuing FX headwinds within Asia. THG maintained its guidance for FY 2024.

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Sam is a trader and lead stock market writer at AskTraders. After starting his career in the forex market, Sam now focuses on stocks, specifically consumer staples.