Frasers Group plc (Group), the UK-based parent of Sports Direct, is looking to expand its presence Down Under as it makes a move this week to acquire the balance of the shares of Australia-based footwear retailer and wholesaler Accent that it does not already own. 

Frasers has reported via the Australian Securities Exchange (ASX) that it has made an all-cash on-market takeover offer to acquire all of the fully paid ordinary shares that it does not hold in the issued share capital of Accent Group Limited at a price of A$0.65 per Accent share. Frasers said that based on the number of Accent shares currently in issue, it holds 22.9 percent of the fully paid ordinary shares in the issued capital of Accent. 

The aggregate consideration pursuant to the Offer for the Accent shares which are not already held by Frasers is approximately A$316 million, or ~ £166 million. 

Accent shares reportedly jumped 10 percent in early trading following the offer announcement. 

According to reporting by PA Media, Frasers first picked up a stake in Accent in 2024 and has steadily increased its holding in the brand. 

The news outlet said the takeover move by Frasers comes after a slump in Accent’s share value in recent months, with Accent having reported weaker like-for-like sales in an update last month. 

As earlier reported by SGB Executive, Frasers in April 2025 signed a long-term retail agreement with Accent Group to launch and operate Sports Direct across Australia and New Zealand (ANZ). Frasers was Accent Group’s largest shareholder at the time. 

Frasers, founded and majority-owned by Mike Ashley, said at the time that Accent Group has a “significant presence in Australasia, where it is a key retailer and distributor of premium lifestyle and sports footwear with over 900 stores, 12 distributed brands and proven retail operations capability in the Australian market.” 

In addition to running retail stores, including The Athlete’s Foot and Sports Direct, Accent Group is also the exclusive distributor in Australia and New Zealand for the Dickies, Dr. Martens, Hoka, Lacoste, Merrell, Saucony, Skechers, Timberland, Ugg, and Vans brands. The Ugg relationship is reportedly for a specific licensed range, according to an AI search. 

Accent CEO Daniel Agostinelli said at the time that the company “plans to build a large Sports Direct business in Australia with an initial rollout of at least 50 Sports Direct stores plus online targeted over the first six years.” The rollout has key brand support and will “leverage the proven operating model, combined capability and global brand relationships enabled by the Frasers and Accent alliance.” 

It was expected to support Frasers Group’s growth across Australia and New Zealand, with the objective of opening 100 stores in the region. The move further solidifies Frasers’ strategy in the South Pacific after inking a deal earlier in 2025 with MAP Active, a sports, fashion and distributor operating in South Asia, to launch Sports Direct in five new markets. Frasers has long-term growth plans to open over 350 stores in the region. 

“Since acquiring a strategic shareholding in Accent, we have developed a robust partnership between Frasers and Accent,” commented Michael Murray, CEO, Frasers Group, in the April 2025 reporting. “Accent has an impressive, well-established platform with various sneaker concepts and a strong distribution of brands.” 

The company said the 2025 partnership deal would offer Accent Group access to global brands owned by Frasers, including Everlast, Slazenger, Karrimor, and USA Pro. Frasers said the deal would also allow the opportunity to leverage its brand relationships with global sports brands, including Nike, Adidas, Under Armour, Asics, New Balance, and more, providing a material new growth opportunity for the company. 

Frasers Group has appointed Barrenjoey Markets Pty Limited as its broker and will stand in the market to acquire on behalf of Frasers to acquire all Accent Shares offered at the A$0.65 offer price during normal trading on ASX or Cboe Australia (being the financial market operated by Cboe Global Markets, Inc. and Cboe Australia Pty Ltd) on and from June 15, 2026 (Australian time). Frasers reported that it filed a Bidder’s Statement regarding the offer with the Australian Securities and Investments Commission and served on Accent Group Limited. Frasers said the offer will be made in accordance with the terms set forth in the Bidder’s Statement. There are no conditions attached to the offer. 

This current offer will officially commence at the start of trading on ASX on June 30, 2026, and will end at the close of trading on ASX on July 30, 2026, unless the Offer is withdrawn or the offer period is extended. 

Image courtesy Frasers Group  

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 For additional reporting on Frasers Group and Accent Group from SGB Executive, see headlines below.

EXEC: Sports Direct Inks Retail Agreement to Expand in Australia and New Zealand

EXEC: Sports Direct Parent Invests in Australian Sportstyle Retailer