Frasers Group PLC (LSE:FRAS) has purchased a 14.65% strategic investment in one of Australia and New Zealand’s top retail and distribution businesses.
The Sports Direct owner said that the stake in Accent Group would enable it to grow its presence in what is a key market in its ambition to become a leading global sports retailer.
Accent is a premium distributor, bringing many of the world's best brands to market, including global exclusive deal with brands such as Skechers, Hoka, UGG and Vans.
In 2024, Accent generated A$1.6bn of sales from nearly 900 stores and websites, said Fraser, consisting of leading multi-brand sports fashion stores and vertical-owned brands.
Michael Murray, Frasers’ chief executive, said: "This investment is an exciting step in the expansion of our international footprint, which is a key growth driver for the Group.
"Accent has built an incredible ecosystem of sports and lifestyle brands in Australia and New Zealand.
"They have a strong platform across stores, digital, and distribution, offering a lot of potential for Frasers concepts and brands.”
Accent boss Daniel Agostinelli said: "We have been in discussions with Frasers Group for some time about a strategic relationship, and have been impressed by its management team”.
Shares in Frasers were unchanged at 857.5p on Wednesday morning.