Frasers Group expands Sports Direct footprint in Australia and New Zealand

Frasers Group is planning to open 100 Sports Direct stores in Australia and New Zealand as it ramps up its international expansion.

The retail giant has signed a long-term agreement with Accent Group, a distributor of premium lifestyle and sports footwear with over 900 stores and 12 distributed brands, to open at least 50 Sports Direct locations and launch an online offering in the short-term.

Frasers said the new partnership will support its growth ambitions across Australia and New Zealand as it looks to open 100 stores in the region.

It noted that the deal will also offer Accent Group access to the brands in its portfolio, including Everlast, Slazenger, Karrimor and USA Pro, as well as strengthen its own relationships with the likes of Adidas, Nike and New Balance.

As part of the partnership, Frasers has committed to raising its shareholding in Accent Group to 19.57% and said the subscription proceeds of approximately £29m (AU$60.4m) will be used to fund the initial roll-out of the Sports Direct business in the region.

Accent Group has also acquired Frasers’ discount online fashion marketplace, MySale, in a move that sees the retail giant’s Australian operations consolidated into its new partner.

Frasers Group chief executive Michael Murray said: “Since acquiring a strategic shareholding in Accent, we have developed a robust partnership between Frasers and Accent.

“We’re looking forward to expanding our partnership to launch Sports Direct in Australia and New Zealand, working towards our bold plan of opening 100 stores.

“This reaffirms our commitment to drive growth of the Sports Direct brand internationally and marks a significant step forward in our ambition to becoming the leading global sporting goods retailer.”

Accent Group CEO Daniel Agostinelli added: “Sports Direct is one of the leading sporting goods retailing businesses globally. Frasers and Accent see a significant opportunity to bring a new and exciting global sports business to the Australian and New Zealand markets.

“Accent plans to build a large Sports Direct business in Australia with an initial rollout of at least 50 Sports Direct stores plus online targeted over the first 6 years.

“The rollout has key brand support and will leverage the proven operating model, combined capability and global brand relationships enabled by the Frasers and Accent alliance.”

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