Etailer MySale, which counts Sir Philip Green and Mike Ashley among its investors, grew its full-year profits and has snapped up 60% of Invite to Buy.
The flash Sales site, which floated on AIM in June, bought 60% of Danish site Invite To Buy and is eyeing further European expansion with the brand. It also plans to launch MySale in Scandinavia.
MySale, which makes the bulk of its sales in Australia, New Zealand and South East Asia, grew revenue 23.3% to A$224.3m (£124.1m) in its year to June 30 as gross profit jumped 10% to A$60.4m (£33.4m).
However, adjusted EBITDA fell 15.5% to A$6m (£3.3m) as it invested heavily in the UK and US. Over the year it opened buying offices in London, New York and Florence as well as a warehouse in Orlando, Florida.
MySale floated on AIM in June raising £35.2m for international expansion. It has launched new sites in the UK, US, Hong Kong and South Korea since the year end, gaining 250,000 subscribers. MySale has also relaunched Cocosa in the UK and has “advanced” plans to take it overseas.
Over the year its membership rose from 8.3 to 12.5 million and the number of active customers increased 18.7% to 827,000.
MySale founder and executive vice chairman Jamie Jackson said: “The group has delivered strong membership growth across all regions and continues to expand further internationally.
“In July we launched dedicated sites in the UK and US and are preparing the Cocosa brand for further international expansion. Today we are pleased to announce a joint venture in Denmark with Invite To Buy and plan to launch dedicated MySale sites in the Nordic region in the coming months. We are well positioned to leverage additional commercial opportunities with Arcadia Group and Sports Direct.”
Of the stake acquisition of Invite To Buy, Jackson said: “It marks an important step in our development as a group as we continue to expand our global offering and serves as the springboard for bringing the MySale brand to the Scandinavian market. We have an established position in Asia and are growing in the US and are looking to grow our position in Europe.”