- Accent Group has acquired Next Athleisure for $13M
- Next Athleisure includes well known retailer Glue Store
- Accent to create new division called 'Accent Lifestyle'
New Zealand based, ASX listed wholesale distributor Accent Group (ASX: AX1) recently announced the acquisition of Next Athleisure Pty Ltd for “cash consideration of $13 million”.
Who is Next Athleisure?
Next Athleisure includes a leading youth apparel, shoe and accessory retailer that most people will know as Glue Store.
The store “operates a network of 21 stores and an integrated online site, with around 500,000 loyalty program members.”
In business details, annual sales come in at around $90 million per annum, $16.6 million of that online.
The rest of the business includes wholesale and distribution of brands, both those exclusive to Next Athleisure including Nude Lucy, Beyond Her, Lulu & Rose, Article One, and internationally recognised brands such as Ellesse, and lecoq sportif.
Who is Accent Group?
The company is an ASX listed wholesale distributor of well-known brands such as CAT, Dr Martens, HYPE, Athlete’s Foot, Sketchers, Vans, Timberlands, and many more.
The company sees significant opportunities in what it said is a “fragmented youth apparel market”, and is looking to grow both in apparel, and owned vertical brands.
The deal
Accent said they have entered into an agreement to acquire the entirety of Next Athleisure for a cash consideration of $13 million.
The company expects the acquisition to be complete by the end of May from existing finances.
Once part of Accent Group, Next Athleisure will become a new division, Accent said it will be called ‘Accent Lifestyle, the current CEO of Next Athleisure, Darren Todd, to join Accent as Group General Manager.
