MySale, the Australian flash Sales fashion site which is backed by Sir Philip Green, has revealed it intends to float.
MySale, in which Green took a 25% stake earlier this month and which has just acquired acquired UK etailer Cocosa, describes itself it is the largest online flash Sales retailer in the Asia-Pacific region, excluding China.
It has about 795,000 active members across its 11 sites in Australia, New Zealand, Singapore, Malaysia, Thailand, the Philippines, Hong Kong, South Korea and the US.
The etailer is seeking to raise £40m through the share placing on AIM. The funds will be used to bolster marketing initiatives and member acquisition when entering into new markets - this will initially be focused on the US and UK. The etailer will also invest in its warehouses, “opportunistic strategic acquisitions” and its general growth strategy.
MySale revenues for the six months to December 31, 2013 increased from A$91.6m (£50.9m) to A$114.6m (£63.7m). Since December trading “has continued to be in line with the directors’ expectations.”
MySale executive director and vice-chairman Jamie Jackson said: “Since it was founded in 2007, the group has grown year-on-year to become the largest flash Sale retailer across the Asia-Pacific region. With this proven track record and an experienced management team I look forward to taking advantage of the exciting opportunities ahead as we bring the group to AIM.”
MySale chief executive Carl Jackson said: “MySale comes to the market as the first global international flash Sale retailer of scale. Having built a growing and profitable business from our established sites in Australia, New Zealand and South-East Asia, we have now established an office in the UK to take advantage of the significant opportunities available to us in the US and UK markets.
“This is an exciting time for MySale as we continue to invest in the technology platform, supplier relationships and logistics that make MySale such a compelling proposition to our members.”