Mike Ashley’s Sports Direct has acquired a 4.8% stake in etailer MySale in order to boost its own presence in Australia and Asia.
The sportswear retailer made the move yesterday (June 18) following MySale’s flotation on the Alternative Investment Market (Aim) of the London Stock Exchange on Monday (June 16).
Shares in MySale, in which Sir Philip Green has a 25% stake, plunged 27% as the etailer made its UK stock market debut.
MySale was mistakenly listed to start trading on Aim with a share price of £2.26 rather than 226p, which some automated trading programmes interpreted as 2.26p, sparking an automatic sell-off of stock in reaction to the low price.
A statement from Sports Direct said there was potential for the companies to work together on “significant collaborations”.
It added: “The Group believes that MySale is ideally suited to help realise Sports Direct’s multichannel potential in Australasia and Asia.”