Apparel firm Accent Group has entered into an agreement to buy up the Glue Store and Next Athleisure businesses for $13 million.
The deal will see Accent Group take control of Glue Store’s retail business, and the wholesale and distribution business of Next Athleisure – which owns brands such as Nude Lucy, Beyond Her, Lulu & Rose, Article One, and distributes Superga, Ellesse, Le Coq Sportif, Kappa, K-Way, Sebago and Napapijri.
Under Accent Group, Next Athleisure will be transformed into a new division named ‘Accent Lifestyle’, with current chief executive Darren Todd joining Accent Group as Accent Lifestyle’s group general manager.
“The NAL acquisition is perfectly aligned to our strategy to grow our leadership position in the lifestyle and youth apparel markets in Australia and New Zealand,” said Accent Group chief executive Daniel Agostinelli.
“Glue Store, along with the NAL wholesale and distribution business, provides an established and complimentary platform to accelerate our fast growing apparel business.”
According to Agostinelli, there is strong potential to grow Glue Store’s customer experience and store profitability, and take advantage of the fragmentation of the youth apparel market.
The acquisitions will undoubtedly strengthen Accent Group’s coverage over the apparel market, with the Trybe focusing on youth footwear and Glue Store on youth apparel, brands such as Hype, Platypus and Subtype focusing on streetwear, Athletes Foot on sportswear, and Accent Lifestyle – as well as Stylerunner – targeting athleisure.
Brett Blundy rejoins Accent board
Australian billionaire Brett Blundy will rejoin the group’s board, after resigning last year.
Blundy continued to provide advisory services through a private arrangement with Accent Group, but will become a non-executive director of the business effective today.
“We are very pleased that Brett has rejoined the Accent board,” said chairman David Gordon.
“Brett’s considerable experience acquired over many years of building and growing successful vertical branded businesses, particularly across apparel and accessories, will provide strategic insight and direction as Accent Group accelerates its strategy to grow both owned vertical brands and a strong presence in the youth and street apparel market.”