Sir Philip Green acquires 25% stake in Mysale
Arcadia Group owner Sir Philip Green has acquired a 25% stake in Mysale, the Australian fashion flash sale site.
Founded by Jamie Jackson and his brother Carl, the site has over 10 million members and is currently implementing an international expansion plan which includes launching in the US and UK later this year.
Mysale has also announced that it is to move its headquarters from Sydney to London and is understood to be considering a stock market flotation.
The site currently does most of its business in Australia, New Zealand and South East Asia and holds up to 60 flash sales per day.
Never Miss a Retail Update!The acquisition marks Sir Philip’s first move into pure online retail. Arcadia’s current retail brands include high street stalwarts Topshop, BHS, Dororthy Perkins, Wallis, Burton, Evans and Miss Selfridge.
Yesterday Sir Philip was reported as having said: “The truth is that in clothing there are excess goods, and people will welcome this as an alternative platform to sell them. In a way it’s back to where I started, buying and selling.”
