Frasers Group buys Australian retailer Sneakerboy out of administration

Frasers Group has bought Australian sneaker and streetwear retailer Sneakerboy for an undisclosed sum following its collapse in the summer.

Sneakerboy, which has three stores in Australia, fell into administration in July.

Frasers Group chief executive Michael Murray said: “This acquisition further strengthens and diversifies the group’s luxury proposition, while securing the future of Sneakerboy and allowing the streetwear retailer to benefit from Frasers Group's expertise in this sector.”

This is the latest in a string of acquisitions by Frasers Group in the past few years.

This year alone, the British group has bought fast fashion rivals I Saw It First and Missguided, as well as British value retailer Studio Retail.

The group is also looking to buy fellow Australian retailer Mysale Group at a price of 2 pence per share.

The takeover attempt, which earlier this week was approved by Mysale’s directors, came after Frasers Group became the biggest shareholder in Mysale in June.

Frasers group said at the time the move was part of its wider strategy to increase its presence in Australia and the surrounding regions.