Brett Blundy has sold his shareholding in ASX-listed Accent, which is behind the Hype DC and Platypus chains, to London’s Frasers Group.
Retail billionaire Brett Blundy has sold his shareholding in ASX-listed Accent Group, which is behind the Hype DC and Platypus chains, to London-listed Frasers Group, Street Talk can reveal.Blundy, who is a director of the company, owned 14.7 per cent of Accent Group’s shares on issue. Sources said he has exited in full via a block trade. At market price, the stake was worth about $160 million.
However, net-profit fell from $88.7 million to $59.5 million, as Accent’s CEO Daniel Agostinelli works through an operational review to prepare the business for a challenging consumer environment. Accent has said it will close 17 Glue stores. It has also sold children’s retailer The Trybe and ditched a CAT distribution agreement that is due to expire in December.
The new arrival, Frasers Group, is capitalised at £3.9 billion on the London Stock Exchange. It has its roots in sports brands like Everlast and Slazenger, but began expanding into luxury and premium labels five years ago.
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