Frasers Group plc is plotting a £166 million hostile takeover of Australian footwear and apparel retailer Accent Group.
Mike Ashley’s retail group has been critical of Accent, listed on the Australian Securities Exchange, in which it already holds a 23% stake.
Accent operates more than 800 stores across Australia and New Zealand under the brands Hype DC, Platypus, Skechers and The Athlete’s Foot.
Frasers said today it has appointed Barrenjoey Markets Pty Limited as a broker to acquire on its behalf all Accent Shares at the closing price of A$0.65 before 30th July. Its shares have dropped massively from $1.67 in August last year.
Christopher Wootton, Frasers’ director on the Accent board, is reported to have criticised Accent chairman Lawrence Myers and its management team for presiding over a 40.5% decline in net profit after tax in the first half of FY26 alongside other negative metrics.
The company’s recent remuneration report saw 82% of shareholders vote against it while there is an ongoing insider-trading investigation involving Accent’s chief executive Daniel Agostinelli, according to Australian media.
The Accent board urged shareholders to take no action after Frasers signalled its intent.
Last week Frasers Group made a £1.7bn bid to buy Hugo Boss.