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Mosaic Brands has committed to acquiring the remaining 49.9% of online fashion business EziBuy. 

The purchase will dramatically accelerate Mosaic's online sales, almost doubling Group online revenue to $218 million annually. 

Mosaic Brands CEO Scott Evans said the business was pleased with the performance of the EziBuy since it came under Mosaic's ownership. 

"When we purchased a 50.1% stake in EziBuy in late 2019 for just $1, it's fair to say the brand was a little unloved and its potential underestimated. 

"We've quietly and consistently working in the background to turn around the business and in just 18 months delivered an EBITDA of $3.7 million for FY21. 

"We continue to see this channel accelerate with many customers moving to online and EziBuy is a natural fit for the Group and has a strong growth plan to deliver on. 

"Sales from Q2 to Q4 in the last financial year were up on the previous corresponding period and EziBuy has started FY22 positively," he said. 

The agreement to purchase the remaining portion of the business will be subject to obtaining all approvals, including regulatory approvals. 

Once the purchase is settled, Mosaic's completion payment of $11 million must be paid by no later than 30 June 2022. 

EziBuy was established in 1978 by the Gillespie brothers as a small mail order business in Palmerston North, New Zealand. 

Since then, the business has grown to become a leader in the apparel and homeware catalogue market, mailing over 23 million catalogues annually and processing more than 1.75 million orders a year to customers in Australia and New Zealand.

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