Sir Philip Green’s Arcadia Group has taken a 25% position in Australian online retailing company mysale.com. Mysale.comoperates the online flash fashion sale site OzSalein Australia. The site sells branded menswear, ladies fashions and children’s clothing and accessories, as well as beauty and house-ware products.
MySale has websites up and running in Australia, under the name OzSale.com, New Zealand, Singapore and Thailand. It is opening up in America shortly as well under the name MySale and intends to have a website operating in Britain as well by the summer. So far MySale.com claims altogether about ten million members.
MySale’s founders are ex-Brits Carl and Jamie Jackson who started the company in Australia back in 2007. Today the brothers still hold a majority position in the company, which holds dozens of flash sales every day selling off cheap inventories of other people’s excess products, usually bought up for the purpose at a huge discount – just like the local high-street discount stores used to do.
The online retailer achieved sales of about US$160 million in its last financial year to June 30th, 2013 and sales so far this year are said to be up about 40%. The terms of the transaction with Arcadia have not been announced. MySale will also be moving its head office to the UK, purportedly to become closer to its supply chain, but it certainly won’t hurt if it should be planning an IPO in London some time down the road as well.