In a filing to the London Stock Exchange, Frasers Group says it has acquired a 28.7% holding in the Australian-based fashion marketplace, MySale plc., which connects global buyers and sellers to Australian and New Zealand e-commerce sites.
Fraser’s Group explained in the filing: “This creates an opportunity for a strategic partnership whereby end of line Group products can be cleared via an established clearance channel. This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates.”
Launched in Australia in 2007, MySale describes itself as an online off-price, retail platform offering a large, curated selection of branded fashion, beauty and homewares products through three core websites and associated mobile applications, including OZSALE.com.au, NZSALE.co.nz and SINGSALE.com.sg
New sales events are offered daily with a curated selection of branded products at discounted prices, typically in limited quantities and for limited time periods. MySale’s suppliers are offered “a suite of inventory solutions to fulfil their demand for inventory management and increase customer awareness of their brands and products.”
MySale Group PLC is listed on the London Stock Exchange and is the owner of Ozsale. The group operates 12 e-commerce sites that cater to customers in Australia, New Zealand, Singapore, Malaysia and Hong Kong. Sites also owned by the group include OO, DealsDirect, BuyInvite, TopBuy and Identity Direct Australia & New Zealand.
On 28 June, Charles Butler, MySale Group’s senior independent director, provided the Board with notice of his resignation. In a statement, Butler was credited with overseeing the Group’s successful recapitalisation and restructuring. Butler will continue in his current role, before leaving the board on 24 September.
Frasers Group, which owns a number of retailers, including department stores House of Fraser and Flannels, and sports retailer Sports Direct, added its first fast-fashion pureplay to its roster last month by acquiring Missguided in a GBP20m (US$25.2m) deal.