MIKE Ashley's retail empire nabbed a 29 per cent stake in Australia's fashion platform Mysale yesterday.

Frasers Group has snared a 28.7 per cent holding in Mysale in its latest retail swoop, the firm announced yesterday morning.

Mysale puts global buyers in touch with sellers on Australian and New Zealand e-commerce sites. Londonlisted Frasers said the holding would create "an opportunity for a strategic partnership whereby end of line group products can be cleared via an established clearance channel."

"This pipeline will be further enhanced by the benefits of counter seasonality between the European and Australian climates," the group added.

Last week, the firm boosted its stake in luxury German fashion brand Hugo Boss. Now, Frasers holds 4.9 per cent of Hugo Boss stock directly and a further 26 per cent of stock indirectly through the sale of derivatives known as put options.

The House of Frasers and Sports Direct owner poached troubled online retailer Missguided for £20m, after administrators were called in last month.

The group snapped up some assets from Studio Retail Group in February 2022, as well as pursuing a takeover campaign for the collapsed Debenhams department store chain in 2020.

Shares in Frasers closed down 0.89 per cent yesterday afternoon.

(c) 2022 City A.M., source Newspaper