Australian clothing group Miller's Retail Ltd has raised $A50.4 million ($US25.66 million), to reduce debt "and leave the company well placed to make opportunistic acquisitions in a buyer's market," it said in a statement.

Credit Suisse First Boston managed the placement of 16 million new ordinary shares at $3.15 with its institutional clients.

Recent acquisitions by Miller's include clothing chain Katies, which was purchased from Coles Myer Ltd for $20.4 million, as well as Go Lo, Crazy Clark's and Crazy Prices.