Frasers Group PLC on Wednesday said it has purchased a 14.65% strategic investment in Accent Group Ltd, expanding its presence in Australia and New Zealand.

Frasers is the Shirebrook, England-based owner of the House of Fraser, Sports Direct and Flannels retail chains. Accent Group is a Melbourne-based retail and distribution business in the performance and lifestyle market in Australia and New Zealand.

‘Accent is a premium distributor, bringing many of the worlds’ best brands to market,’ Frasers said.

It added that in 2024, Accent delivered A$1.6 billion of sales from nearly 900 stores and website.

This strategic investment will allow Frasers to grow its presence in Australia and New Zealand. The company called the countries part of a ‘key market’.

Chief Executive Michael Murray 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.’

Shares in Frasers were flat at 857.50 pence each in London on Wednesday morning.

Copyright 2024 Alliance News Ltd. All Rights Reserved.