Frasers takes 14.65% stake in Australia's Accent Group

28th Aug 2024 07:02

(Sharecast News) - Frasers Group said it had taken a 14.65% stake in Accent Group, a retail and distribution business in Australia and New Zealand's performance and lifestyle market.

Accent delivered AUD$1.6bn in fiscal 2024 of sales from nearly 900 stores and websites, consisting of multi-brand sports fashion stores, vertical owned brands, and global exclusively distributed brands such as Skechers, Hoka, UGG and Vans, Frasers said on Wednesday. No financial details were disclosed.

"This strategic investment will enable Frasers to grow its presence in Australia and New Zealand, a key market in the group's ambition to become a leading global sports retailer," the company said.

Accent also stated that it intended to offer a board seat to Frasers "to drive mutual opportunities".

Reporting by Frank Prenesti for Sharecast.com

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