Frasers Group Plc (FRAS.L), a retail and intellectual property group, on Tuesday announced that it will increase its stake in Australia's Accent Group Ltd. (AX1.AX) by 5% to 19.57%, citing confidence in its growth potential.
Further, Frasers Group entered into a 25-year long-term strategic retail agreement with Accent Group, a premium lifestyle and sports footwear retailer, to launch and operate Sports Direct across Australia and New Zealand.
According to the statement, the 29 million pounds or A$60.4 million from the investment will help fund the initial launch of the Sports Direct business in Australia and New Zealand.
Additionally, Accent Group has also taken over Frasers' discount online fashion platform, MySale. The move expands Accent's online presence and brings Frasers' Australian operations under Accent's control.
Frasers Group plans to open 100 stores across Australia and New Zealand as part of its expansion strategy.
Frasers expects the new international partnership will help drive its growth in the region and support its goal of becoming the world's top sports retailer.
The partnership allows Accent Group to benefit from Frasers' strong ties with top sports brands like Nike, Adidas, Under Armour, Asics, and New Balance.
Further, Accent Group will gain access to several global brands owned by Frasers, such as Everlast, Slazenger, Karrimor, and USA Pro.
Accent closed Tuesday's regular trading in Australia 4.68% higher at A$1.90.
Monday, Frasers had closed 2.84% higher at $615.50 on the London Stock Exchange.
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