Frasers Group acquires Australian luxury footwear brand Sneakerboy
In July, the Australian Securities and Investments Commission appointed Hamilton Murphy Advisory’s Stephen Dixon as the administrator for the business and two related companies using the Sneakerboy name.
Dixon informed creditors last month that he received "40 expressions of interest" of which 22 were considered and were provided with confidential information.
Dixon told The Australian Financial Review: “The secured creditors are therefore entitled to prove in the administration of the company for the balance of their debts that are not discharged from the proceeds from the sale. Accordingly, there will be insufficient funds from the sale of the Sneakerboy business and assets to enable a distribution to the unsecured creditors of the company.”
Michael Murray, Chief Executive Officer of Frasers Group, said: "We are pleased to have acquired the luxury streetwear retailer, Sneakerboy. This acquisition further strengthens and diversifies the group’s luxury proposition, while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group's expertise in this sector."
Earlier this year, the group acquired Lancashire-based Studio Retail Group after it collapsed into administration. The group also recently acquired struggling fast fashion brands Missguided and I Saw It First and has amassed stakes in both Hugo Boss and Mulberry.