Frasers Group, renowned for its aggressive growth strategy, has recently made another strategic acquisition by acquiring the struggling Australian premium footwear brand, Sneakerboy Group. The exact financial details of the deal have not been disclosed. This move comes as Frasers Group’s second acquisition in Australia this year, following its purchase of around 60% of online fashion retailer MySale.

Reports suggest that Frasers Group intends to retain the existing staff of Sneakerboy and honor their employee entitlements. Furthermore, the company plans to keep the leases of the three remaining Sneakerboy stores in Victoria, including the prominent one in Melbourne.

Sneakerboy Group has been struggling with financial difficulties and formally collapsed in July. The Australian Securities and Investments Commission appointed Hamilton Murphy Advisory as the administrator for Sneakerboy and two other associated companies operating under the same name. Sneakerboy reportedly owed a total of A$17 million to suppliers and A$12 million to a related entity. Additionally, the staff of Sneakerboy was owed over A$500,000.

Following 40 expressions of interest, the administrator, Murphy Advisory, accepted Frasers Group’s offer from the four non-binding submissions made. While the administrators have refrained from commenting on the acquisition, Frasers CEO Michael Murray expressed his satisfaction with the deal, stating that it enhances and diversifies the group’s luxury offering. He further mentioned that Sneakerboy will now benefit from Frasers Group’s expertise in the streetwear sector, providing new opportunities for growth.

Sneakerboy was established in 2013 by Chris Kyvetos, who served as the creative director until his departure in 2017. With Frasers Group’s acquisition, Sneakerboy has found a new owner that can help secure its future and navigate through its financial challenges.

Useful links:
– To learn more about Frasers Group and its acquisitions, visit their official website.
– For additional information about Sneakerboy Group and its products, visit their official website.