Brett Blundy sells Accent Group stake to Frasers Group for $160m
Retail billionaire Brett Blundy has sold his entire shareholding in ASX-listed Accent Group to London-listed Frasers Group.
Transaction snapshot
Deal value: About $160 million
Deal multiples: N/A
Deal type: Block trade
Investors: Frasers Group (buyer), Brett Blundy (seller)
Blundy, a director of Accent Group, owned 14.7% of the company's shares. The stake was sold via a block trade at market price.
This sale comes shortly after Accent Group reported its financial results for FY2024. The company posted total sales of $1.61 billion, up from $1.57 billion in the previous year. However, net profit fell from $88.7 million to $59.5 million.
Accent Group CEO Daniel Agostinelli is currently working on an operational review to prepare the business for a challenging consumer environment. As part of this review, the company plans to close 17 Glue stores, has sold children's retailer The Trybe, and will end its CAT distribution agreement in December.
Despite these changes, several brands in Accent's portfolio are performing well. These include Nude Lucy, which has expanded into the UK, as well as Stylerunner, Hoka, and Ugg. Established brands like Skechers, The Athlete's Foot, and Hype DC also continue to show strong performance.
Accent Group's share price has decreased by 4.25% over the past 12 months but has gained 3.6% year-to-date.
The buyer, Frasers Group, is valued at £3.9 billion on the London Stock Exchange. The company has its roots in sports brands but has been expanding into luxury and premium labels over the past five years. Frasers Group reported revenue of £5.54 billion for FY2024, though this figure remained flat compared to the previous year.
Blundy first invested in Accent Group (then called RCG Corporation) in November 2017, purchasing a 14.4% stake for $61 million at 95¢ per share. This latest sale at about $160 million suggests a significant profit for Blundy, not including his previous selldown from a 19% stake in May 2022.
