October 7, 2022

Mike Ashley’s Business Has Recently Organized a Fashion Brand Acquisition Spree

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ike Ashley’s Fraser Group takeover bid for Australian online flash sale discounter My Sale has been rejected by the group because it does not consider the words “reasonable” or “reasonable”.

In an announcement to the London Stock Exchange, MySale said an offer of 2 pence per share for MySale stock from Ashley’s business, which includes Sports Direct, House of Fraser and Jack Wills, “considers a substantial price or premium for MySale’s control.” does not show. And therefore undermines MySale and its prospects”.

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Maisel’s board, in which Fraser already owns about a 30% stake, has now recommended that shareholders withdraw any offer in its current form as they “would not accept” the offer with respect to their stake in the business. .

Fraser laid out his vision for MyCell last month. The offer valued the shares not held by the Fraser Group at £13.6 million.

The retailer is understood to be looking to use the potential acquisition to boost its position in Australia and New Zealand and allow for other investments, including bricks-and-mortar retail outlets in the region. Fraser can also use MyCell to sell a whole bunch of products.

Launched in Australia in 2007, MySale focuses on fashion and lifestyle items from apparel, footwear, accessories, home goods, beauty, kids and baby items.

Fraser recently held an acquisition spree to grab Manchester-based online fast fashion business Missguided from the jaws of administrators and acquire ISawItFirst.com and Studio Retail in a £20 million deal.

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Michael Murray Ashley’s future son-in-law and head of promotion at Fraser Group was promoted to take over as CEO at the retailer in May of this year.

MySale also revealed that chairman Carl Jackson has resigned from the group’s board.

It said Jackson, who had been with the retailer since 2009, had stepped down because of “conflicts” and his position as a “substantial shareholder” in the business.