As reported in the Australian Financial Review, Arnold Bloch Leibler has advised ASX-listed retailer and distributor of premium lifestyle and sports footwear, Accent Group Limited (ASX:AX1), on its long-term strategic relationship with Frasers Group plc, a global retailer of sports, premium and luxury brands based in London and listed on the London Stock Exchange (FRAS.L), which will see Accent Group bring one of the leading sporting goods retailing business globally, Sports Direct, to Australian and New Zealand consumers.
As part of the arrangement, Frasers has also agreed to increase its shareholding in Accent Group to 19.57%, a move that reflects their confidence in Accent's management strength and new business development capability. This investment will see Frasers' subscription proceeds of approximately $60.4 million used to fund the initial roll-out of the Sports Direct business across Australia and New Zealand.
Frasers is one of the world’s largest owners and retailers of sports, premium and luxury brands with more than 1,500 stores in over 30 countries. In FY24, Frasers reported revenue of £5.5 billion, with its UK Sports segment generating £2.9 billion in revenue across over 800 stores. Frasers brings to the relationship unique market insights, global scale and brand relationships, the proven Sports Direct operating model and a strong portfolio of owned brands.
Accent Group is a large ANZ retailer and distributor of premium lifestyle and sports footwear with over 900 stores, 12 distributed brands and proven retail operations capability in the Australian market including sports footwear and accessories through The Athletes Foot.
The ABL team advising Accent Group included Corporate and M&A partner Gavin Hammerschlag, senior associate Michelle Ainsworth and lawyer Dominic Fajardo, with financing assistance from partner Nathan Briner and senior associate Crosby Radburn.
Commenting on the transaction, Gavin Hammerschlag said “We are thrilled to have advised long-standing client Accent Group on this latest, strategically important transaction. This transaction recognises Accent and its management team as one of Australia and New Zealand’s leading retailers. We look forward to seeing the successful launch and growth of Sports Direct across Australia and New Zealand".
