Sports Direct has acquired a 4.8% stake in Sir Philip Green-backed etailer MySale and plans to use it as a platform to sell in Australasia.
Australian retailer MySale floated on AIM on Monday.
Sports Direct said: “Sports Direct looks forward to developing its relationship with MySale, including the potential to co-operate on significant collaboration and joint venture opportunities in Australasia and Asia.
“This partnership approach is consistent with Sports Direct’s strategy in other regions and the group believes that MySale is ideally suited to help realise Sports Direct’s multichannel potential in Australasia and Asia.”
MySale made an error inputting its share price when it listed on Monday, incorrectly placing its share price as 2.25p per share rather than 225p. The mistake wiped 17% off its value in its first two days of trading.
Arcadia owner Sir Philip Green bought a 25% stake in the retailer last month.