Accent Group announced that Frasers Group has acquired a 14.65% strategic shareholding from BBRC International.
Frasers Group, listed on the London Stock Exchange, is a major player in the global retail sector, owning brands such as Sports Direct and House of Fraser.
The Accent board has engaged with Frasers Group over an extended period regarding strategic partnerships and future opportunities.
In alignment with these discussions, Accent plans to offer Frasers Group the opportunity to nominate a director to join its board.
"We have been talking to Frasers Group for some time about a strategic relationship, and have been impressed by its management team and believe that there is a strong cultural alignment between both organisations," said Daniel Agostinelli, Accent Group CEO.
"We see the potential for significant mutual opportunity with Frasers Group, and are excited by the beginning of this new relationship between the organisations," Agostinelli supplied.
Michael Murray, CEO of Frasers Group, remarked, "This investment is an exciting step in the expansion of our international footprint, which is a key growth driver for the group."
"Accent has built an incredible ecosystem of sports and lifestyle brands in Australia and New Zealand. We are looking forward to working with the Accent management team to unlock mutually beneficial opportunities for both groups," Murray added.
Accent Group Chairman, David Gordon, also extended a warm welcome to Frasers Group, expressing optimism about the potential collaborative opportunities that lie ahead.