Australia's Sneakerboy is latest Frasers Group buy
Frasers Group’s insatiable appetite for growth means another acquisition. The company has just acquired failed Australian premium footwear brand Sneakerboy Group, for an undisclosed sum.
It becomes Fraser Group’s second Australian buy this year after snapping up close to 60% of online fashion retailer MySale.
Local reports said Frasers Group will retain Sneakerboy’s staff and assume employee entitlements. The group has also wants to maintain the leases of its three remaining stores in Victoria, including Melbourne.
The Sneakerboy Group officially collapsed in July, with the Australian Securities and Investments Commission (ASIC) appointing Hamilton Murphy Advisory as administrator for the business and two related companies using the Sneakerboy name.
According to reports, Sneakerboy owes A$17 million in supplier bills, A$12 million owed to a related entity, and its staff more than A$500,000.
Murphy Advisory had initially received 40 expressions of interest, accepting the Frasers offer among the four indicative non-binding submissions made.
Although the administrators has so far declined to comment, Frasers CEO Michael Murray said: "This acquisition further strengthens and diversifies the group’s luxury proposition, while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group's expertise in this sector."
Sneakerboy was founded by Chris Kyvetos in 2013, who served as creative director until he left the business in 2017.
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