Acquisition hungry Frasers Group has bought a 28.7 percent stake in Australian-based fashion marketplace MySale.
In a brief statement, Frasers Group said it believes the deal will provide it with a “strategic partnership whereby end of line group products can be cleared via an established clearance channel”.
It added that “this pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates”.
It is the latest in a string of acquisitions by Frasers Group, which continues to expand its high street empire.
Earlier this month, it upped its stake in Hugo Boss. The British group now owns 3.4 million shares of common stock, representing a 4.9 percent stake in the German label, and 18.3 million shares of common stock via the sale of put options, representing a 26 percent stake.
Also this month, Frasers Group bought fast fashion retailer Missguided for 20 million pounds just a day after it fell into administration.
Frasers, whose portfolio also includes Flannels, Sports Direct, House of Fraser, and Jack Wills, said at the time that Missguided will continue to operate as a standalone business within the group.
In its most recent trading update for the six months to December 31 2021, MySale reported a 6 percent year-on-year drop in revenue to 59.7 million Australian dollars as it was hit by supply chain disruption.
In the same period, its profit was up 3 percent to 24.9 million Australian dollars, but its underlying EBITDA fell 60 percent to 1 million Australian dollars.