Frasers Group, the UK-based fashion retailer, has bought a 28.7 per cent holding in MySale – the renowned Australian fashion marketplace.
The Group believes the acquisition would create an opportunity for a strategic alliance that will enable clearance of end-of-line products through an established clearance channel.
The firm also said that the pipeline will be further enhanced by the benefits of counter-seasonality between the European and Australian climates.
No financial terms related to the deal, however, have been revealed as yet.
Recently, Frasers Group, which owns Sports Direct, House of Fraser and Flannels, amongst others, bought British fashion e-tailer Missguided out of administration for £ 20 million.
Also Read: Frasers Group acquires British e-tailer Missguided
The Mike Ashley-owned Frasers Group, earlier known as Sports Direct International, generated £ 3,957.4 million in 2020.
