Frasers Group has made a strategic investment into Australian retail and distribution firm Accent Group as it continues its acquisition spree.
The Sports Direct owner, which snapped up a 14.65% stake in the company, said the move would allow it to grow its presence in Australia and New Zealand, which it described as “a key market in the group’s ambition to become a leading global sports retailer”.
As part of the partnership, Accent said it intends to offer the Mike Ashley controlled business the opportunity to propose a director to join its board.
In its latest financial year, the Australian group delivered £821m (AUS$1.6bn) of sales from around 900 stores and websites. It looks after the distribution for 34 brands, including Dr Martens, Skechers, Hoka, UGG and Vans.
Related Story
Frasers Group chief executive Michael Murray described the investment is “an exciting step in the expansion of our international footprint, which is a key growth driver for the group”.
“Accent has built an incredible ecosystem of sports and lifestyle brands in Australia and New Zealand,” he said. “They have a strong platform across stores, digital, and distribution, offering a lot of potential for Frasers concepts and brands.
“We are looking forward to working with the Accent management team to unlock mutually beneficial opportunities for both groups.”
Accent Group CEO Daniel Agostinelli added: “We have been in discussions with Frasers Group for some time about a strategic relationship and have been impressed by its management team and believe that there is a strong cultural alignment between both organisations.
“We see the potential for significant mutual opportunity with Frasers Group, and are excited by the beginning of this new relationship between the organisations.”
Click here to sign up to Retail Gazette‘s free daily email newsletter
