Frasers Group acquires minority stake in MySale
Sports Direct and House of Fraser owner Frasers Group has acquired a 28.7% stake in the Australian-based MySale fashion marketplace for an undisclosed sum.
MySale offers a selection of branded fashion, beauty and homewares products through three core websites including OZSALE.com.au, NZSALE.co.nz and SINGSALE.com.sg.
In a statement, Frasers Group said: “The group believes this creates an opportunity for a strategic partnership whereby end of line group products can be cleared via an established clearance channel. This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates.”
Earlier this month, Frasers Group upped its stake in luxury fashion brand Hugo Boss and has also recently acquired the Missguided fashion retailer out of administration.
In separate news, MySale has announced that senior independent director Charles Butler is to step down in September.
Butler has been on the board of MySale since October 2017, when he was appointed as a non-executive director. In December 2018, he became non-executive chairman which involved overseeing the group’s successful recapitalisation and restructuring. He then moved to the senior independent director role in October 2021.
Carl Jackson, non-executive chairman of the group, said: “Charles has made a significant contribution to MySale over the last five years. He was instrumental in the Group’s successful recapitalisation and restructuring in 2019 and has overseen the strategic progress we have made in our marketplace-focused model since. I would like to thank him for his contribution and counsel over the years and wish him all the best in his future endeavours.”