Frasers Group has launched a bid for the remaining share in Australian fashion marketplace MySale.
On June 29, Frasers Group increased its stake in MySale to 28.7% and became MySale's largest shareholder.
The offer values the remaining 71.3% stake at around $24 million.
Frasers Group has extensive ambitions to grow its business outside of the UK and is exploring the potential for further international expansion through acquisitions, joint ventures and organic openings.
Consistent with its growth strategy, the offer would allow Frasers Group to increase its presence in Australia and the surrounding regions at a faster rate than via organic growth.
It also believes that the MySale business would be complementary to that of the existing Frasers Group, including providing the opportunity to clear end of line Frasers Group products via MySale's established clearance channel.
This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates.
Frasers Group also intends to use MySale as a vehicle for making other investments in the region, including investing in retail opportunities that sit outside MySale's current business model.
Frasers Group's aim is to invest in MySale's long-term future, to support the evolution of the MySale business as part of Frasers Group and to enhance the next stage of MySale's growth and development.
Launched in Australia in 2007, MySale is an online off-price etail platform offering branded fashion, beauty and homewares products through three core websites and associated mobile applications, including OZSALE.com.au, NZSALE.co.nz and SINGSALE.com.sg