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Frasers Group has announced the purchase of a 14.65% strategic investment in Accent Group Limited, a retail and distribution business in the performance and lifestyle market in Australia and New Zealand.
The news comes as Frasers aims to grow its presence in Australia and New Zealand through partnerships to help “drive mutual opportunities”.
As a distributor, Accent has been responsible for bringing many of the world’s best known brands to Australia and New Zealand’s markets.
During FY24, Accent delivered AUD$1.6bn (£0.82bn) in 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.
Accent has also stated that it intends to offer Frasers the opportunity to propose a director to join the Accent Board.
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.”
He added: “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 said: “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.”
