Sportswear retailer Sports Direct has acquired small stakes in two US companies, taking its strategy of buying shares in potential partners across the Atlantic.
Sports Direct said it now held 11.5% of Iconix Brand Group and 2.3% of retailer Dick's Sporting Goods through a share instrument.
The group appears to want to gain exposure to the US market, having previously been focused on acquisitions in Europe, where it runs 257 stores across the continent plus 455 in Britain.
"The main rationale for these stakes is to allow Sports Direct to hopefully build a relationship and develop commercial partnerships with the relevant parties," the company said in a statement.
Dick's operates 645 stores across the US, selling brands such as Nike and Under Armour, while Iconix owns a portfolio of brands including "Mudd", "Joe Boxer" and "Rocawear".
Sports Direct's cheap prices fuelled rapid growth over recent years, but investor confidence in the group, founded and majority owned by Mike Ashley, has been shaken over the last two months by allegations over the treatment of staff in Britain and a profit warning.
Sports Direct shares have lost 44% of its value since the beginning of December.
Sports Direct's minority stake buying in Britain has in the past helped it open concessions in supermarket chain Tesco and department store group Debenhams.
The group has also had previous investments in key supplier Adidas and continues to own 7% in rival British retailer JD Sports.
Last October, Sports Direct also agreed a deal to assume full ownership of Irish retailer Heatons, in a €47.5m deal. It had previously owned a 50% stake in Warrnambool, the holding company of Heatons.
