Sports Direct owner Frasers Group has launched a new buy now, pay later scheme via its app, having upped its stake in fashion retailer N Brown.
The app, which the retailer has named Frasers Plus, is also launching as a loyalty scheme entitling shoppers to earn one point for every pound they spend across the group’s retailers, including House of Fraser, Sports Direct and Missguided.
The retailer said for repayments over a period longer than three months and up to a maximum of 36 months, the new payment app scheme will charge a variable rate of 29.9% APR.
Frasers Group also revealed it has increased its stake in N Brown, which it first purchased in October last year.
The change means Frasers now holds a 17.88% stake in N Brown and makes the Sports Direct owner the second largest shareholder of the retailer, behind Lord David Alliance.
Frasers Group’s increased stake in N Brown follows surging profits and sales in December last year as a result of the group’s brand acquisition strategy, disposal of assets and the continued growth of retailer Flannels.
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