Frasers Group has made an offer worth approximately £166 million to acquire the remaining shares in Australian footwear and apparel retailer, Accent Group.
The move comes just days after Frasers announced a separate takeover proposal for German fashion brand Hugo Boss.
Frasers currently holds a 22.9 per cent stake in Accent and has offered 65 Australian cents per share for the remainder of the company. The retailer said it sees significant long-term potential in Accent’s portfolio of brands and its position within the Australian market.
However, Frasers also expressed concerns about Accent’s recent management decisions. These include executive remuneration levels, shareholder payouts despite declining earnings, and a rise in company debt. The UK group argued that stronger oversight and strategic direction could improve performance.
Based in Melbourne, Accent operates more than 800 stores across Australia and New Zealand and distributes a range of international brands, including Skechers and Lacoste. The company has also worked with Frasers to expand the Sports Direct business in the region.
The offer has prompted Accent’s board to review the proposal and consider its implications for shareholders. The company has advised investors to await further guidance while the assessment is underway.
Analysts note that the bid does not include a premium over Accent’s closing share price before the announcement, leading some observers to describe the approach as opportunistic given the retailer’s recent share-price weakness. Accent’s stock has fallen significantly over the past year, although it rose sharply following news of the offer.
The proposed acquisition forms part of Frasers’ broader expansion strategy under the influence of Founder Mike Ashley and Chief Executive Michael Murray, as the company continues to pursue growth through investments and acquisitions in international retail markets.
