Mike Ashley's retail conglomerate, Frasers Group, has initiated a takeover bid for Australian footwear retailer Accent. The company already holds a 22.9% stake in Accent and now aims to acquire the remaining shares for approximately 316 million Australian dollars (£166 million).
Takeover Details
On Monday, Frasers offered 65 Australian cents (34.2p) per share to buy out the rest of Accent. The proposal follows a period of active dealmaking by the UK-based firm. Shares of Melbourne-based Accent, which operates around 900 stores across Australia and New Zealand, surged 10% in early trading following the announcement.
Recent Performance and Strategy
The takeover move comes after Accent's share value declined in recent months, with the company reporting weaker like-for-like sales in a recent update. Frasers, majority-owned by Mike Ashley, first acquired a stake in Accent in 2024 and has gradually increased its holding. Accent has also strengthened ties with Frasers through a strategic partnership with Sports Direct, agreeing to operate Sports Direct-branded stores in Australia and New Zealand, with plans to open about 50 locations over the next six years.
Broader Acquisition Strategy
Frasers, which also owns House of Fraser, has pursued a strategy of building stakes in rival retail groups. Last week, the company launched a major takeover offer for German fashion brand Hugo Boss, having accumulated a significant shareholding. Frasers currently owns about 26% of Hugo Boss and offered around 1.98 billion euros (£1.73 billion) for the remainder, equating to 38 euros (£32) per share.
The bid for Accent underscores Frasers' aggressive expansion approach, targeting undervalued assets in international markets.
