Brett Blundy agrees to sell Accent stake to UK retail group Frasers

Billionaire businessman Brett Blundy has agreed to sell his stake in Accent Group to UK-based Frasers Group, the Australian Financial Review has reported.

Blundy, a director of Accent, has sold all of his 14.7 per cent stake in the company, which was valued at about $160 million. He first bought 14.4 per cent of Accent’s shares in November 2017 for $61 million and hit the 19 per cent mark in May 2022.

ASX-listed Accent Group sells footwear and clothing under 34 brands, including Article One, Hoka, Hype DC, Platypus and Ugg. The company has more than 800 stores across Australia and New Zealand along with over 35 online platforms.

Last week, Accent reported sales of $1.61 billion for the 2024 financial year, which was up from $1.57 billion the year prior. However, net profit fell from $88.7 million to $59.5 million.

The company’s shares were down 4.25 per cent over the past 12 months but have held up year-to-date with a 3.6 per cent gain.

Frasers Group is listed on the London Stock Exchange with a market value of £3.9 billion ($7.6 billion). The company’s portfolio includes Sports Direct, Flannels, Everlast and Jack Wills, among others. It posted revenue of £5.54 billion for FY24.

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