Frasers expands into international waters with Australian retail investment
Frasers Group sets its eyes on international expansion with the purchase of a 14.65% strategic investment in Accent Group Limited, a performance and lifestyle retail and distribution business in Australia and New Zealand.
During Fiscal 2024, Accent delivered £821.9 million (AUD$1.6 billion) in sales from nearly 900 stores and websites. Its portfolio consists of multi-brand sports fashion stores, vertical-owned brands, and global exclusively distributed brands such as Skechers, Hoka, UGG and Vans.
With this investment, Frasers aims to grow its presence in Australia and New Zealand, a key player in the Group's "ambition to become a leading global sports retailer".
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, 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."
Accent intends to offer Frasers the opportunity to propose a director to join the Accent Board.
Not only is Frasers on a quest to grow its international retail empire, but it also continues to grow its high street footprint here on British soil. Last month, the Mike Ashley-run business acquired indie retailer Thackerays.
Frasers Group, which owns the Flannels chain of super boutiques, has been hoovering up independent multi-brand retailers in recent years. Among its most recent acquisitions are Zee & Co, a small chain of boutiques in London and Essex, and menswear retailer John Anthony. Another recent buy was Sunderland's Aphrodite.
These followed the acquisition in December 2022 of 14 retail, online and wholesale businesses, including another 50 to 60 fashion-focused stores, in a £47.5 million deal with its former arch-rival JD Sports. Names such as Tessuti, Scotts and Cricket formed part of the deal. In March 2023, it also acquired Philip Browne, the well-regarded Norwich-based menswear independent, from JD.
In December 2023, the group then acquired luxury multi-brand retailer Matches for £52 million from private equity company Apax Partners, but just 11 weeks later it was placed into administration.