Mike Ashley’s Frasers Group has launched a £166m takeover bid for Australian footwear retailer Accent Group, just days after tabling an offer for Hugo Boss.
Frasers, which already holds a 22.9 per cent stake in Accent, has offered 65 Australian cents a share for the rest of the business. The offer matches Accent’s closing share price on Friday and values the company at around A$316million.
It marks Ashley’s second takeover tilt in less than a week, following Frasers’ near-€2billion approach for Hugo Boss. If successful, the deals would add two major international names to a retail empire that already includes Sports Direct, Evans Cycles and the Frasers department store chain.
Accent is listed on the Australian stock market and operates more than 800 stores across Australia and New Zealand. Its portfolio includes brands such as Skechers, Lacoste and Hype, while the retailer also struck a deal with Frasers last year to launch and operate Sports Direct stores across both markets.
In a letter to Accent shareholders, Frasers said it was a “great believer” in the strength of the brands sold through Accent’s retail network and remained highly confident in their long-term prospects in Australia.
However, the group also took aim at Accent’s leadership, warning it had “significant concerns” over management decisions, including what it described as prioritising shareholder payouts despite falling earnings, higher borrowing and ongoing investment demands.
Frasers also highlighted executive pay at Accent, noting that 82 per cent of votes at its last annual meeting were cast against the company’s 2025 remuneration report. Accent chief executive Daniel Agostinelli received a total package of A$1.625million last year.
Accent shares have fallen by around a fifth since the start of the year. Last month, the business told investors that both sales and gross profit margin had declined, although it also said it would accelerate the rollout of Sports Direct stores across Australia and New Zealand.
Shares in Accent rose by as much as 15 per cent to 75 Australian cents on Monday after the offer was announced, lifting its market value to around A$450million.
Accent said its board was reviewing the proposal and would issue a formal recommendation to shareholders in due course.
Ashley, who founded Sports Direct from a single shop in Maidenhead in 1982, stepped down from the Frasers board in 2022 but still owns around 73 per cent of the group.
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