FRASERS TAKES STAKE IN AUSSIE SITE

HIGH street tycoon Mike Ashley’s Frasers Group has snapped up a big stake in an Australian fashion seller.

Frasers – formerly Sports Direct – said it acquired a 28.7 per cent holding in online marketplace MySale.

Although listed in London, MySale’s core business is in Australia and New Zealand.

Frasers said the deal would

allow it to clear “end-of-line group products...via an established clearance channel”. It also hopes to benefit from “counter seasonality between European and Australian climates”.

Last week Frasers – which owns department store House of Fraser – bumped up its holding in Hugo Boss.

BIG NAMES: MySale will sell end-of-line goods from group stores