The parent of House of Fraser and Sports Direct, Frasers Group, has bought a 28.7% 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.”
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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% 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%, with the sale of options adding a further 26% stake, taking its investment to about US$940 million.
And last month it bought collapsed fast-fashion brand Missguided for about US$25 million.
This article was first published by Inside Retail.