The online marketplace, MySale, is set to be acquired by Frasers Group. It currently owns a 28.7 percent share of the business, which increased on June 29.
The Group is now making a bid to acquire the remaining 71.3 percent share, which is valued at roughly $23.5 million.
If this takeover is successful, it would be the fourth acquisition it has made this year. It is aligned with its growth strategy, explaining it would provide the Group with a “strategic partnership whereby end of line group products can be cleared via an established clearance channel.”
In the June announcement regarding the initial share increase, Frasers Group said the “pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates.”
The Group has been on a recent acquisition spree, expanding its stakes in several retailers and brands.
Its most recent acquisitions include Missguided and its sister brand Mennace which was acquired in June 2022 for £20 million (AUD34 million). In February 2022, Frasers Group acquired some of the assets of Studio Retail Group. It also recently increased its stake in Hugo Boss.
Its portfolio currently includes House of Fraser, Jack Wills, Flannels, and Sports Direct.
MySale was founded in 2007. The goods it sells on its platform include fashion, beauty and homewares at discounted prices. It operates in four countries, including Australia, Singapore, Malaysia, and New Zealand, via the websites OZSALE, NZSALE and SINGSALE. If the deal is successful, the retailer said there would be no changes to the MySale staff or management.
The e-commerce landscape is changing. With a Power Retail Switched On membership, you get access to current e-commerce revenue and forecasting, traffic levels, average conversion rate, payment preferences and more!