Australian billionaire and chairman of BB Retail Capital (BBRC) Bretty Blundy has acquired 11.82% of footwear retail company Accent Group (previously RCG).
In a statement from the Accent Group, the company revealed Blundy had acquired 64,000,000 ordinary shares for $0.95 per share, which represents a 20% premium to RGC’s last closing price of $0.79.
As a result of this latest purchase, Blundy is now the largest single shareholder within the company, holding 14.4% of Accent's issued shares.
The Accent Group owns and operates Hype DC, Platypus and The Athlete's Foot, and are distributors for major US labels Skechers and Vans.
BBRC currently owns Australian lingerie labels Bras N Things and Honey Birdette, as well as being a major shareholder in jewellery and hair accessories brand Lovisa.
The Accent Group board welcomed Blundy's increased investment and looked forward to the benefits of his strong industry reputation and a track record in global retail expansion.