// Frasers Group acquires Aussie retailer Sneakerboy for undisclosed sum
// Frasers has acquired a number of brands in recent years, most recently Studio Retail
Frasers Group has bought Australian luxury footwear and streetwear retailer Sneakerboy out of administration for an undisclosed sum.
Sneakerboy has four stores in Australia, three in Melbourne and one in Sydney.
Sneakerboy, which collapsed under growing debts in July, is the latest buy for Frasers, which has snapped up Missguided, Studio Retail Group and ISawItFirst.com over the past year.
The acquisition comes as Frasers Group looks to snap up fellow Australian business, online flash sales site MySale, as it targets growth Down Under.
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The group, which is now run by Michael Murray, made a bid for MySale in August as it targeted growth across Australia and New Zealand. It plans to use MySale as a vehicle for other investments in the region, including retail opportunities.
Despite initially rejecting the offer, MySale’s board this week recommended its shareholders accept Frasers Group’s bid despite it undervaluing the business.
The board said that the 48% stake that Frasers had built in the business would enable it to “exercise significant control” and be able to pass or block resolutions.
Frasers Group CEO, Michael Murray said the acquisition of Sneakerboy will further strengthen and diversify the group’s luxury proposition, “while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group’s expertise in this sector”.
Earlier this week, Frasers Group snapped up a 4.54% stake in N Brown, according to newly-filed documents with the London Stock Exchange.
The retail giant bought a stake in the Manchester-headquartered fashion group which owns brands including Simply Be, JD Williams and Jacamo.
Frasers Group also owns Sports Direct, House of Fraser, Flannels, USC, Jack Wills, 18Montrose, Evans Cycles, Sofa.com and Game.
