Frasers Group acquires stake in Accent Group to grow presence in Australia and New Zealand
Frasers Group has acquired a 14.65% stake in Accent Group, a retail and distribution business in the performance and lifestyle market in Australia and New Zealand.
In a statement, the owner of Sports Direct said the purchase will enable it to grow its presence in the two countries, both of which it regards as key markets.
Michael Murray, chief executive 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.”
In its latest financial year, Accent delivered AUD$1.6 billion worth of sales from nearly 900 stores and websites, including multi brand sports fashion stores, vertical owned brands, and exclusively distributed brands such as Skechers, Hoka, UGG and Vans.
Frasers Group will also be able to propose a director to join the Accent board.
Daniel Agostinelli, chief executive 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.”
