Sports Direct tycoon Mike Ashley’s Sports Direct is developing a new business, BrandMax, which may be a bid to win trade from TKMaxx.

BrandsMax pledges to sell “the brands you love for less”.

However, at present it carries a limited assortment more akin to a variety store and appears to be an evolution of the proposition piloted in 2015.

A website is live, but product categories are not fully stocked. A search on the women’s section, which promises “the latest fashion styles and trends”, brings up items such as party accessories and 50p calendars.

According to the site, stores are “opening soon”. The only branch listed at the moment is in Shirebrook, where Sports Direct is headquartered.

The site says that BrandsMax “was developed to offer a destination to those seeking a curated mix of the best lifestyle brands from all around the world to decorate their home and fill their wardrobe”.

Industry watchers observed that the name and look of the website is reminiscent of off-price department store TKMaxx.

Sports Direct owns many brands itself, such as Agent Provocateur and Flannels, and Ashley is understood to be keen to build a department store business.

He was among potential buyers of BHS when it hit the buffers and has stakes in Debenhams and House of Fraser.

No comment was available from Sports Direct about BrandsMax.