Accent Group has struck a long-term deal with UK retail giant Frasers Group to launch Sports Direct stores across Australia and New Zealand.
The agreement gives Accent exclusive rights to operate the sporting goods chain in the region for an initial 25-year term. At least 50 stores are planned over the next six years, with potential to expand to more than 100.
To support the rollout, Frasers – led by former Newcastle United FC owner Mike Ashley (pictured) – will increase its stake in Accent from 14.57% to 19.57%, by acquiring an additional 5% at $1.72 per share – injecting around A$60.4 million into the business.
The partnership also gives Accent access to Frasers’ in-house brands, including Everlast, Lonsdale, Slazenger, and Hot Tuna, which will be sold in Sports Direct and other Accent stores.
Accent CEO Daniel Agostinelli has committed to stay on for another three years to oversee the expansion. Accent currently operates over 900 stores under brands such as Hype DC and Platypus.
