IN A FLASH: Topshop owner Sir Philip Green has taken a 25 percent stake in Mysale, a site specialized in online flash sales that currently does the bulk of its business in Southeast Asia and Australia. Green said he invested in Mysale because it’s operating in a “very, very interesting space. I like the business model, and the reverse season.”
The site, which sells men’s, women’s and children’s fashion and accessories, as well as beauty and homeware, is set to post revenues this year of about $300 million. It owns about 10 percent of its inventory. “Ninety percent is sold before they even buy it. I like that model,” Green told WWD. The site is headed to the U.S. and Europe over the next two months.
This story first appeared in the May 12, 2014 issue of WWD. Subscribe Today.
Green said there are “discussions” about the company going public later this year, but nothing is confirmed. Mysale plans to move its headquarters from Sydney to London this year.
The news of Green’s investment first broke in the Sunday Times of London, which has also put the retailer on its Super-Rich List of Britain-based billionaires. Each year, the Sunday Times publishes a list of Britain’s richest, and this year it has dedicated a special issue to the country’s billionaires. The full rich list will come out on Sunday.
Britain’s billionaires include the Weston family, owners of Selfridges, whose net worth is 7.3 billion pounds, or $12.30 billion; Green and his wife Tina, 3.88 billion, or $6.54 billion; jewelers Laurence and François Graff, 3 billion pounds, or $5.05 billion; François-Henri Pinault and Salma Hayek, 2.39 billion pounds, or $4.03 billion; and John Hargreaves and family, owners of the mass-market retailer Matalan, 1 billion pounds, or $1.68 billion. All figures have been calculated at current exchange rates.