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Highlights
- Accent Group plans to open 50+ Sports Direct stores in Australia and New Zealand
- Frasers Group to increase its stake in Accent through new share issuance
- Initial 25-year agreement includes exclusive rights to sell Frasers’ own-brand labels
Accent Group (ASX:AX1) is set to introduce UK-based sports retailer Sports Direct to the Australian and New Zealand markets under a newly formed partnership with London-listed Frasers Group (LSE:FRAS). This strategic move marks a significant expansion for both companies, blending global brand presence with strong regional expertise.
The partnership outlines plans to roll out at least 50 Sports Direct stores across the two countries over the next six years. Accent Group noted that the initial phase of this expansion will require a substantial investment, reflecting the long-term commitment both parties are placing in the venture. Additionally, Accent will offer Frasers’ own-brand labels—such as Everlast, Lonsdale, and Slazenger—within the new Sports Direct stores, as well as through its existing retail footprint.
In a significant component of the agreement, Frasers Group will increase its equity stake in Accent to 19.6%. This will be facilitated through the issuance of 35,186,695 new Accent shares at approximately $1.72 per share, accounting for an additional 5% ownership. The capital raised will fund the initial rollout of Sports Direct locations across Australia and New Zealand.
The collaboration between the two retail powerhouses is anchored by an initial 25-year operational term, with a shared vision of expanding the store count to over 100 in the long run. Daniel Agostinelli, CEO of Accent Group, emphasized the strong alignment between the companies and their mutual interest in capturing opportunities in the region's growing sports and lifestyle market.
“This partnership enables access to globally recognised brands and offers a clear runway for long-term growth,” Agostinelli said, expressing confidence in the market potential.
As part of the agreement, Agostinelli has also committed to staying on as CEO for at least another three years, ensuring continuity in leadership during this major expansion phase.
The deal positions Accent Group to leverage Frasers Group’s global brand portfolio while enhancing its presence in the performance and lifestyle retail sectors. It reflects a broader strategy to meet rising consumer demand for quality sportswear and value-driven retail experiences in the region.
With a clear roadmap in place and a long-term partnership secured, both companies are preparing to make a major impact in the Australasian retail landscape.
