Frasers Group, the owner of Sports Direct, has acquired a 28.7 percent stake in MySale, an off-price fashion marketplace headquartered in Sydney and listed on the London Stock Exchange (LSE). The financial terms of the deal have not been disclosed. In a filing with the LSE, Frasers explained that the move will allow end-of-line group products to be cleared via an established clearance channel. The advantages will be further enhanced by the counter-seasonality between the Australian and European climates, Frasers added. Frasers Group’s Mike Ashley sold his 4.8 percent stake in MySale in 2019 after the Australian fashion website had withdrawn from the U.K. market.
Launched in 2007, MySale sells branded apparel, shoe, sportswear, accessories, homewares, beauty and lifestyle items at discount prices. The MySale group operates 12 e-commerce sites that cater to customers in Australia, New Zealand, Singapore, Malaysia and Hong Kong. It announced group revenues of A$59.7 million (€38.8 million) in the six months to Dec. 31, 2021, down from A$63.8 million (€41.5 million) in the first half. Just a few weeks ago, on June 1st, Frasers announced the acquisition of womenswear e-tailer Missguided out of administration for £20 million (€23.06 million).
