Mike Ashley’s Frasers Group has continued its acquisition spree with a strategic investment into the Australian retail and distribution firm Accent.
The London-listed retail empire snapped up a 14.65 per cent stake in the company in a move it hopes will further its footprint in Australia and New Zealand – identified as a key market for the group’s expansion ambitions.
As part of the deal Accent said it plans to offer Frasers Group the opportunity to propose a director to join its board.
In its latest financial year, the Australian group achieved £821m in sales across around 900 stores and websites.
The company handles distribution for 34 brands, including Dr. Martens, Skechers, Hoka, UGG, and Vans.
Michael Murray, CEO of Frasers Group, said: “This 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.
“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.”
Daniel Agostinelli, CEO of Accent Group said: “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.”
In recent months Frasers Group has completed a string of acquisitions, including of the Dutch Sports retailer Twin Sports, clothes seller Matches Fashion and online cycling store Wiggle.
In its most recent set of results for the six months ending 29 October, the firm posted record earnings, with profit before tax rising by eight per cent and turnover rising 4.4 per cent to £2.8bn.