Mike Ashley's Frasers Group has launched a second takeover bid in a week, this time targeting the Australian footwear business Accent Group. The £166m (A$316m) offer comes days after the retail billionaire announced a near-€2bn (£1.73bn) tilt at German luxury fashion brand Hugo Boss.
Details of the Accent Bid
Frasers Group, which already owns a 22.9% stake in Accent, is offering 65 Australian cents (34p) per share for the remaining shares it does not own. This matches Accent's closing price on Friday. The bid values Accent at approximately A$316m.
Ashley's Deal Spree
The move is the latest in a series of acquisitions by Mike Ashley, who built Frasers Group from a single sports store in Maidenhead, Berkshire, opened in 1982 with £10,000 from his parents. He retains a 73% stake in the company and stepped down from the board in 2022. According to the Sunday Times rich list, his wealth grew by £317m to £3.44bn last year.
Accent Group's Business
Accent, listed on the Australian stock market, sells brands including Skechers, Lacoste, and Hype through more than 800 stores across Australia and New Zealand. It employs over 8,600 people and started as a wholesale distributor in New Zealand in 1988. The company secured a deal last year with Frasers to launch and operate Sports Direct retail in Australia and New Zealand.
Frasers' Concerns
Frasers said it is a "great believer in the strength sold through Accent's retail network" but has "significant concerns" about management decisions, including prioritizing shareholder distributions during a period of declining earnings and increased borrowing. It also noted high executive pay, with CEO Daniel Agostinelli receiving a total package of A$1.625m last year. At Accent's last annual meeting, 82% of votes were against the 2025 remuneration report.
Market Reaction
Accent shares jumped by as much as 15% to 75 Australian cents on Monday, lifting the company's market value to A$450m. Shares in Accent have lost about a fifth of their value in the year to date. Last month, it reported falling sales and gross profit margins, but also said it would ramp up openings of more Sports Direct stores in Australia and New Zealand.
Accent's board is considering the offer and will provide shareholders with a formal recommendation later.
