The parent of House of Fraser and Sports Direct, Frasers Group, has bought a 28.7 per cent stake in the local subsidiary of Australian-headquartered fashion marketplace owner, MySale.
Founded in 2007, MySale currently operates retail websites in four markets – Australia, New Zealand, Singapore and Malaysia – with its sites Oz/Sale, NZ/Sale, My/Sale and Sing/Sale.
In a short statement announcing the deal, House of Fraser said the group believes the investment 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.”
In October 2020, the founders of Catch Group, Gabby Leibovich and Hezi Leibovich, along with Catch’s former CEO Nati Harpaz, invested $9.3 million in MySale Group in exchange for a 10 per cent stake in the business.
Frasers Group is actively expanding its retail interests. Last week it increased its stake in German fashion label Hugo Boss to around 4.9 per cent, with the sale of options adding a further 26 per cent stake, taking its investment to about US$940 million.
And last month it bought collapsed fast-fashion brand Missguided for about US$25 million.