Sports Direct's share price rises after increasing US exposure with stake in Dick's Sporting Goods and increased holding in Umbro parent Iconix

 
Catherine Neilan
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Mike Ashley's Sports Direct has increased its stake in Umbro's US owner Iconix Brand Group and taken a holding in US retailer Dick's Sporting Goods, flexing its international muscles further.

Sports Direct now owns just over 11.5 per cent of Iconix, which bought Umbro in 2012, having built up a position in the business since November.

The retailer, which has come under fire of late and last week issued a profits warning, has also taken a 2.34 per cent stake in Dick's Sporting Goods, a Fortune 500 business with around 610 stores.

Investors appeared to back the move, with Sports Direct's share price climbing 1.2 per cent on the open.

Ashley's firm said: "The main rationale for these stakes is to allow Sports Direct to hopefully build a relationship and develop commercial partnerships with the relevant parties. They also help the company to build relationships with key suppliers and brands."

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