Mike Ashley's Frasers Group has launched its second takeover bid in a week, attempting to acquire the Australian footwear business Accent Group just days after announcing a tilt at Hugo Boss.
Takeover Offer Details
Frasers Group, which already holds the largest single stake in Accent at 22.9%, said it would offer 65 Australian cents (34p) per share for the remaining shares it does not own. The A$316m (£166m) bid matches Accent's closing price on Friday.
This move follows Ashley's near-€2bn (£1.73bn) takeover offer for German luxury fashion brand Hugo Boss last week.
Frasers Group Portfolio
If successful, the bids would add two new brands to Frasers Group, which already owns Frasers department stores (formerly House of Fraser), Sports Direct, and bicycle retailer Evans Cycles. Ashley, known for controversial business tactics, retains a 73% stake in Frasers, which he built from a single sports store in Maidenhead, Berkshire, opened in 1982 with £10,000 from his parents. He stepped down from the board in 2022. His wealth grew by £317m to £3.44bn last year, according to the Sunday Times rich list.
Accent Group Background
Accent, listed on the Australian stock market, sells brands including Skechers, Lacoste, and Hype. It secured a deal last year with Frasers to launch and operate Sports Direct in Australia and New Zealand. Frasers said in a letter to Accent shareholders that it is a "great believer in the strength sold through Accent's retail network" and is "highly confident in the long-term potential of the brands in the Australian market."
However, Frasers expressed "significant concerns" about Accent's management, including decisions to "prioritise shareholder distributions during a period of declining earnings, increased borrowing and ongoing growth investment obligations." Frasers also cited high executive pay, noting that 82% of votes were against the company's 2025 remuneration report. Chief executive Daniel Agostinelli received a total package of A$1.625m last year.
Market Reaction
Shares in Accent have lost about a fifth of their value year to date. Last month, it told investors that sales and gross profit margin had fallen. It also announced plans to ramp up openings of more Sports Direct stores across Australia and New Zealand. Accent, headquartered in Melbourne, started as a wholesale distributor in New Zealand in 1988. It now has more than 800 stores offering 34 brands and employs over 8,600 people across Australia and New Zealand.
On Monday, Accent shares jumped by as much as 15% to 75 Australian cents, taking the company's market value to A$450m. Accent said its board is considering the offer and will provide shareholders with a formal recommendation later.
