Australian online retailer MySale Group has entered into an unconditional agreement to sell the trade and assets of shopping platform Cocosa.co.uk to fashion retailer Brandalley for 1.5 million pounds.
The completion of the deal is set for 9 May and forms part of the company’s rationalisation programme as it increasingly focuses on the Australia and New Zealand region. “This disposal represents a key step in accelerating our ‘ANZ First’ strategy, which looks to optimise our scale, resources and market position in the region,” said MySale CEO, Carl Jackson, in a statement. “With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners.”
In the financial year to June 2018, Cocosa achieved revenue of 15.7 million Australian dollars (8.4 million pounds), approximately 5 percent of total group revenue, and incurred a loss before tax of 400,000 Australian dollars (215,000 pounds) including attributable central operating expenses.