Frasers Group has launched a £166 million takeover bid for the Australian footwear and clothing retailer Accent Group.

Accent Group owns Australian footwear brands such as Hype DC, Platypus, and Stylerunner, as well as the distribution rights for brands including Dr. Martens, Reebok, and Skechers in Australia and New Zealand.

In a letter to current Accent shareholders, Frasers director Christopher Wootton wrote that “Frasers is a great believer in the strength of the brands sold through Accent's retail network” and is “highly confident in the long-term potential of the brands in the Australian market”.

“However, Frasers has significant concerns regarding Accent's strategic direction and performance under its chairman, Lawrence Myers, and the incumbent management team,” he added, claiming that Accent is prioritising shareholder distributions even as its earnings decline.

The firm also pointed to Accent Group’s H1 2026 earnings, which it said show a 40.5 per cent decrease in net profit after tax.

On the Australian Securities Exchange (ASX), Accent advised shareholders to “take no action” in response to Frasers’s offer, rejecting claims that the purchase price represents a premium on current Accent share prices.

“The Accent Board is considering the Offer, together with its advisers, and will provide shareholders with a formal recommendation in a target’s statement in accordance with the Corporations Act,” Accent wrote.

Frasers currently holds a 22.9 per cent stake in Accent. In April 2025 the pair entered a long-term strategic retail agreement, which involved Frasers Group increasing its holdings in the company by 5 per cent. It has offered to buy out the remaining 77.1 per cent of shareholders at A$0.65 per cash share, equivalent to £0.34.

The firm said this is a 5.9 per cent premium to the five-day trading day volume weighted average for Accent shares of A$0.614.

In its regulatory notice, Frasers Group said its official offer will run from 30 June until 30 July.

This is the second high-profile takeover bid Frasers Group has launched within as many weeks. On 10 June, the firm announced a €2 billion public takeover bid for Hugo Boss.

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