Frasers Group is set to acquire Australian-based fashion marketplace MySale, launching a bid for the 71.3 per cent of the company’s share it does not already own.
The offer values the shares not already held by Frasers at around $23.47 million.
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.
If the takeover bid is accepted, the deal would be Frasers’ fourth e-commerce acquisition this year, following Studio, Missguided and ISawItFirst.com. The business believes it can use MySale and other online platforms to clear end-of-line products from across the group.
The retailer said there would be no changes to MySale’s current staff or management and that it would work with its executive team to make additional hires.
At the time the company announced its purchase of a cornerstone 28.7 per cent stake in June of this year, Frasers Group said it believed the investment created an opportunity for a strategic partnership.
“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.
Meanwhile, Frasers Group has appointed Greg Pateras as CEO of Missguided and ISawItFirst.com.
