Your browser is no longer supported. For the best experience of this website, please upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Sports Direct snaps up 4.8% stake in MySale

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.”

Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Links may be included in your comments but HTML is not permitted.