British retailer group Frasers will sign a deal to increase its stake in ASX-listed Accent Group, enabling further expansion nationwide.

Frasers is set to raise its shareholding to 19.99 per cent from the 14.65 per cent it acquired from Brett Blundy in August, the Australian Financial Review reported. 

The new deal would allow the British giant to leverage Accent’s distribution network to establish a physical presence of Sports Direct in Australia. The sportswear retailer is available online only in the country.

More details about the agreement are expected to be announced as early as this week.

According to the AFR, it is unclear whether Frasers plans to go beyond 19.99 per cent – the threshold above which an acquirer is subject to regulations and required to lodge a takeover.

Founded in 1988, Accent Group sells footwear and clothing from brands including Hoka, Platypus, Skechers and Ugg. The company has more than 800 stores and more than 35 online platforms.

Accent reported sales of $1.61 billion for the year ended June 30, up from $1.57 billion the year prior.