Mike Ashley’s Sports Direct acquire 4.8% stake in MySale Group
Mike Ashley’s Sports Direct International plc has acquired a 4.8% stake in Australian online retailer MySale.
The Newcastle United owner’s move came after MySale shares were accidently listed at £2.26, instead of 226p - which some trading floors interpreted as 2.26p - triggering a flash sale.
MySale only started trading on AIM at the beginning of the week, and the deal will position Sports Direct in front of the Australasian and Asian markets.
In a statement to Sports Direct shareholders, the firm said: “Sports Direct looks forward to developing its relationship with MySale, including the potential to co-operate on significant collaboration and joint venture opportunities in Australasia and Asia.
“This partnership approach is consistent with Sports Direct’s strategy in other regions and the Group believes that MySale is ideally suited to help realise Sports Direct’s multi-channel potential in Australasia and Asia.”
MySale is a members online e-commerce platform that runs limited-time sales of designer goods exclusively to its members.
The firm is 25% owned by billionaire Topshop entrepreneur Sir Philip Green.