Brett Blundy’s BBRC International firm has sold its shareholding stake in Australian footwear conglomerate Accent Group to British retail company Frasers Group.
The sale covers a 14.65 per cent shareholding in Accent, valued at just over $160 million, and comes as Blundy announces his exit from the Accent Group board of directors, effective now.
Accent Group manages key footwear brands in Australia, including The Athlete’s Foot, Skechers and Hoka.
UK-headquartered Frasers Group is a global retailer across sports, premium and luxury brands, including Sports Direct, House of Fraser, Flannels, Gieves and Hawkes, Everlast and Slazenger.
Frasers Group is listed on the London Stock Exchange and in FY24 reported revenue of £5.5 billion (~A$10.7 billion) and adjusted profit before tax of £544.8 million.
Accent reported in a trading update this week that it has been engaged in discussions with Frasers Group for some time in relation to a strategic relationship and other opportunities. The Accent Board welcomed Frasers Group to Accent’s share register, and is expected to offer the company the opportunity to add a director to join the board.
Blundy has indicated that he will be retiring from the Accent Board in due course. The board has thanked Blundy and BBRC International Pte Ltd for their support over the last seven years.
“We have been talking to Frasers Group for some time about a strategic relationship, and have been impressed by its management team and believe that there is a strong cultural alignment between both organisations,” Accent Group CEO Daniel Agostinelli said. “We see the potential for significant mutual opportunity with Frasers Group, and are excited by the beginning of this new relationship between the organisations.”
Frasers Group CEO Michael Murray added its investment is a key step in its global expansion - a key growth driver for the group, he reported.
“Accent has built an incredible ecosystem of sports and lifestyle brands in Australia and New Zealand,” he said. “We are looking forward to working with the Accent management team to unlock mutually beneficial opportunities for both groups.”
The recent move comes after Accent Group reported a 2.7 per cent lift in overall sales across the group to $1.6 billion.