Sports Direct has reportedly changed its name to Frasers Group after a shareholder vote today (December 16).
The retailer announced last month that it was planning to vote on the name change, which follows the acquisition of House of Fraser last year.
The group, which is owned by billionaire tycoon Mike Ashley, also includes a number of other brands including Jack Wills and Game Digital.
Michael Murray, head of elevation at the group, told the BBC: "This is not just a case of giving the Group a new name.
"It is about fundamentally changing the perception of the business, a process that will take time and investment over a long period."
The move comes as the group admitted that it expects a number of “unprofitable” House of Fraser stores to shut in 2020.
However, Mr Ashley says he expects the group (excluding House of Fraser) to grow to between £356.4million and £390.3million for the financial year ending 26 April 2020.
He said: "I am very pleased with the strong underlying [operating performance] growth in the context of the significant challenges facing the High Street. We remain focused on our elevation strategy, which continues to go from strength to strength, benefiting all stakeholders."
Sports Direct admitted it has faced "some challenges" in the past year, including a tax inquiry in Belgium.
"We continue to focus on delivering elevated retail experiences for our consumers," said chair David Daly.
"We are hoping that the political waters will be calmer in the coming months which will allow us to move out of this period of market unpredictability. This will enable us to plan appropriately for the future which is critically important."
A total of seven House of Fraser stores have been closed since the chain was acquired by Sports Direct and now has 52.
The company now employs 29,400 workers across the UK.
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