Arcadia owner Sir Philip Green has bought a 25% stake in Australian off-price fashion etailer MySale, as the company plots to float on the London Stock Exchange.
Green struck the deal with MySale last week following the news that it was relocating its global head office from Sydney to London as part of “aggressive expansion plans” to move outside of Australasia and Southeast Asia.
MySale co-founder and chairman Jamie Jackson told Drapers that London would become the heart of the business as it sought to become globally synonymous with online off-price fashion.
The company is understood to be in talks with investment banks in London over plans to float and is being advised by Australian bank Macquarie.
The IPO would be Green’s first involvement in a listed company since 1988, when he became chairman of discount retailer Amber Day. He quit the business in 1992 after it failed to meet profit expectations.
MySale, which sells retailers’ excess stock at a discount to its 10 million members, currently operates in Australia, New Zealand, Thailand, the Philippines, Malaysia and Singapore.
Green, who owns fashion retailers including Topshop, Topman, Miss Selfridge and Dorothy Perkins, will supply MySale with excess stock in fashion and homewares from his businesses, according to the Financial Times.