The Frasers Group has bought Australian streetwear and sneaker retailer Sneakerboy for an undisclosed sum following its collapse in the summer. The operator of three stores in Australia was placed under insolvency administration in July.
“This acquisition strengthens and diversifies the Group’s luxury offering, secures Sneakerboy’s future and allows the streetwear retailer to benefit from Frasers Group’s expertise in the sector"said Michael Murray, Frasers Group chief executive officer
This is the latest in a series of acquisitions by the Frasers Group in recent years. This year alone, the British group has acquired fast fashion competitors I Saw It First and Missguided, as well as British retailer Studio Retail.
The group also wants to buy Australian retailer Mysale Group at a price of 2p per share. The takeover attempt, approved by Mysale’s directors early last week, comes after Frasers Group became Mysale’s largest shareholder in June. The Frasers Group said at the time the move was part of its broader strategy to expand its presence in Australia and the surrounding regions.
Continue reading:
- Change of heart in takeover poker: MySale management recommends sale of shares to Frasers Group
- Frasers Group acquires interest in N Brown Group
- Frasers Group announces takeover bid for MySale
- Frasers Group acquires fast fashion retailer I Saw It First
- Frasers Group reports jump in earnings and expects further growth
- Frasers Group: Founder Mike Ashley also says goodbye to the Board of Directors
This translated and edited post previously appeared on FashionUnited.uk.