According The Guardian Gio Goi targeted by Sports Direct.
Mike Ashley in discussions to take over urban fashion brand, associated with heady days of 'Madchester' rave scene
Mike Ashley's Sports Direct business is in talks to acquire the
urban fashion brand Gio Goi from administrators in a deal that would add
to its expanding stable of brands, which includes Dunlop, Slazenger,
Lonsdale and Firetrap.
Gio-Goi was founded by Manchester brothers Anthony and Christopher Donnelly, who had made their name as rave organisers in the late 1980s. The brand's fortunes appeared to fade with the city's dance music culture, but, with new financial backers, it had until recently been enjoying a renaissance.
A rescued deal would echo Sports Direct's swoop on the Firetrap and FullCircle fashion brands, bought out of administration 10 months ago. It would also underline majority owner Ashley's ambition to expand the business beyond the sportswear category.
Ashley is still thought to be a likely bidder for House of Fraser despite playing down such speculation as "old news" last month. Asked about his interest in HoF, the Newcastle United owner had said he had grown "bored with the subject".
Administrators from KPMG were appointed to run Gio Goi earlier this week, immediately making the majority of staff redundant. The business had been growing up until 2009 and had started opening high street stores a year later.
In 2007 the Donnollys had claimed Gio Goi was among the top three selling streetwear brands in Britain.
Recent expansion proved poorly timed, however, and the company was forced to close shops and pare back staffing levels to just 24 employees, largely at its London design headquarters.
Gio Goi sells fashionwear through JD Sports, USC, Littlewoods and Republic stores as well as a network of independent retailers. Past celebrity collaborations have included a range of T-shirts produced with Pete Doherty.
The brand had been subject to a trademark dispute with Armani in the 1990s over rights to the Gio name.
KMPG said a number of parties had expressed an interest in the Gio Goi brand, but would not confirm an approach from Sports Direct. Meanwhile, Sports Direct did not comment.
More News about SportsDirect.com, use the search engine at the right top of the page .
( Source the Guardian by Simon Bowers )
Gio-Goi was founded by Manchester brothers Anthony and Christopher Donnelly, who had made their name as rave organisers in the late 1980s. The brand's fortunes appeared to fade with the city's dance music culture, but, with new financial backers, it had until recently been enjoying a renaissance.
A rescued deal would echo Sports Direct's swoop on the Firetrap and FullCircle fashion brands, bought out of administration 10 months ago. It would also underline majority owner Ashley's ambition to expand the business beyond the sportswear category.
Ashley is still thought to be a likely bidder for House of Fraser despite playing down such speculation as "old news" last month. Asked about his interest in HoF, the Newcastle United owner had said he had grown "bored with the subject".
Administrators from KPMG were appointed to run Gio Goi earlier this week, immediately making the majority of staff redundant. The business had been growing up until 2009 and had started opening high street stores a year later.
In 2007 the Donnollys had claimed Gio Goi was among the top three selling streetwear brands in Britain.
Recent expansion proved poorly timed, however, and the company was forced to close shops and pare back staffing levels to just 24 employees, largely at its London design headquarters.
Gio Goi sells fashionwear through JD Sports, USC, Littlewoods and Republic stores as well as a network of independent retailers. Past celebrity collaborations have included a range of T-shirts produced with Pete Doherty.
The brand had been subject to a trademark dispute with Armani in the 1990s over rights to the Gio name.
KMPG said a number of parties had expressed an interest in the Gio Goi brand, but would not confirm an approach from Sports Direct. Meanwhile, Sports Direct did not comment.
More News about SportsDirect.com, use the search engine at the right top of the page .
( Source the Guardian by Simon Bowers )
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