// MySale has offloaded Cocosa to Brandalley in £1.5m deal
// MySale entered into an unconditional agreement to sell the trade and assets of Cocosa.co.uk
// Sir Philip Green and Mike Ashley both have interests in Sydney-based MySale
MySale has sold ecommerce fascia Cocosa to fashion retailer Brandalley in a £1.5 million deal.
The deal, in which MySale entered into an unconditional agreement to sell the trade and assets of the members-online shopping platform Cocosa.co.uk to Brandalley, is set for completion on May 9.
Cocosa was MySale’s main British trading website and the sale marks part of its plan to exit the region to focus on its core markets in Australia and New Zealand (ANZ).
British retail moguls Mike Ashley and Sir Philip Green both have a stake in the MySale Group, which is headquartered in Sydney.
In the financial year to June 2018, Cocosa delivered revenues of AUD $15.7 million (£8.4 million), which made up about five per cent of MySale’s total group revenue.
Cocosa also incurred a pre-tax loss of AUD $400,000 (£215,000).
“This disposal represents a key step in accelerating our ‘ANZ First’ strategy, which looks to optimise our scale, resources and market position in the region,” MySale chief executive Carl Jackson said.
“With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners.”
Retail analyst Nick Bubb said: “The beleaguered Philip Green has much bigger things to worry about than the fate of his investment in the struggling Australian-based online retailer MySale, but it’s worth noting that back in 2014 at the time of the IPO, MySale was bullish about its UK growth prospects.
“Today, however, MySale has announced that it has sold its main UK asset.”
Launched in 2007, MySale runs 23 ecommerce sites in eight countries, including MySale in the UK.
Prior to the sale of Cocosa, its UK and South East Asia markets had accounted for about 15 per cent of group sales.
MySale floated in the UK in 2014, when Green bought a 25 per cent stake in the firm, while Ashley took a 4.8 per cent holding.