Sports Direct buys 4.8% stake in MySale
Sports Direct has acquired a 4.8% stake in MySale, the Australian fashion flash sale site which floated on London¬ís Alternative Investment Market on Monday.
In a statement Sports Direct said it was looking forward to developing its relationship with MySale which includes the potential to co-operate on collaboration and joint venture opportunities in Australasia and Asia.
Founded in 2007, MySale has approximately 10.8 million registered members and has around 250,000 new members joining its online sites every month. Last month, Arcadia Group owner Sir Philip Green acquired a 25% stake in the business.
MySale had a difficult debut on AIM after a pricing error, which listed the share price in pounds instead of pence, triggered automatic selling of the stock.
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