Frasers Group acquires minority stake in Australia's MySale

Retailer Frasers Group has acquired a 28.7% holding in Australia-based fashion marketplace, MySale for an undisclosed sum.

Frasers said on Thursday that it believes the acquisition of MySale creates an opportunity for a strategic partnership that will allow end-of-line products to be cleared via an established clearance channel.

The FTSE 250-listed firm added that the pipeline will be further enhanced by the benefits of counter-seasonality between the European and Australian climates.

Frasers did not divulge any financial terms relating to the deal.

Reporting by Iain Gilbert at Sharecast.com