{"id":217640,"date":"2022-10-13T07:00:34","date_gmt":"2022-10-13T06:00:34","guid":{"rendered":"https:\/\/www.theindustry.fashion\/?p=217640"},"modified":"2022-10-13T19:13:51","modified_gmt":"2022-10-13T18:13:51","slug":"frasers-group-acquires-australian-luxury-footwear-brand-sneakerboy","status":"publish","type":"post","link":"https:\/\/www.theindustry.fashion\/frasers-group-acquires-australian-luxury-footwear-brand-sneakerboy\/","title":{"rendered":"Frasers Group acquires Australian luxury footwear brand Sneakerboy"},"content":{"rendered":"
Frasers Group<\/span><\/a> has acquired collapsed Australian luxury footwear brand Sneakerboy<\/a> for an undisclosed sum.<\/strong><\/p>\n In July, the Australian Securities and Investments Commission appointed Hamilton Murphy Advisory\u2019s Stephen Dixon as the administrator for the business and two related companies using the Sneakerboy name.<\/p>\n Dixon informed creditors last month that he received \"40 expressions of interest\" of which 22 were considered and were provided with confidential information.<\/p>\n Dixon told The Australian Financial Review: \u201cThe 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.\u201d<\/p>\n Frasers Group, which operates businesses including House of Fraser<\/a><\/span>, Jack Wills, Flannels, USC and Sports Direct<\/a><\/span>, confirmed that it acquired the retailer.<\/p>\n 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\u2019s luxury proposition, while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group's expertise in this sector.\"<\/p>\n Earlier this week, Frasers Group bought a 4.54% stake in N Brown Group.<\/a><\/span><\/p>\n