Most Recent Articles In Financial
Latest Financial Articles
- WWD Stock Tracker Gains Outpace Dow, S&P
- Europe’s Stock Markets Dip
- American Apparel Faces Tough Set of Challenges
More Articles By
LONDON — The Mysale Group, which operates flash-sale Web sites in Australia, New Zealand, Asia and the U.S., said it plans to raise 40 million pounds, or $67 million at current exchange, with a flotation on London’s secondary Alternative Investment Market.
Admission to the market is set for “on or around” June 16, the company said, and funds will be raised via the placement of new shares on AIM.
The online retailer, which is partly owned by Sir Philip Green, said it plans to use the money to build its business in the U.S. and the U.K., and for acquisitions, capital expenditure and working capital.
“MySale comes to the market as the first global international flash-sale retailer of scale,” said Carl Jackson, the company’s chief executive officer. “We have now established an office in the U.K. to take advantage of the significant opportunities available to us in the U.S. and U.K. markets.”
Earlier this week, the group announced that it had acquired Cocosa.com, the luxury fashion flash-sale site that shuttered late last year. Cocosa.com’s previous owner was the Al Fayed Group, owned by Mohamed Al Fayed.
MySale is launching a U.K. site, Mysale.co.uk, which is slated to bow in the next few weeks, and plans to use Cocosa’s customer base of more than 800,000 names.
Topshop owner Green’s family interests took a 25 percent stake in MySale for 87.5 million Australian dollars, or $80.9 million, earlier this month.
Founded in 2007, MySale is one of the largest online flash-sale retailers in the Asia-Pacific region, not including China. As of May 14, it had approximately 795,000 members across its 11 sites in Australia, New Zealand, Singapore, Malaysia, Thailand, the Philippines, Hong Kong, South Korea and the U.S.
In the six months to Dec. 31, revenues rose to 114.6 million Australian dollars or $105.9 million, at average exchange rates for the six-month period.