MySale to debut on London Stock Exchange in June

The Australian online apparel retailer has revealed its plans to float on the London stock market next month. The firm, which runs fashion ‘flash sales’ and has recently acquired Cocosa, aims to raise 40 million pounds. MySale floatation on the London Stock Exchange will value MySale at

between 200 and 300 million pounds, according to market sources. The group expects to raise 40 million pounds with the placement, announced to be in June.

The

Aussie e-tailer has made it to the news quite often in May, first when British fashion tycoon Sir Phillip Green – owner of Topshop parent group Arcadia – unveiled the acquisition of a 25 percent stake in the company.

MySale to float in London to raise 40 million pounds

Days later, MySale announced it had bought ailing flash sales site Cocosa in an attempt to set foot in the British market. Now, MySale has confirmed that it would be the next fashion industry representative to trade in the London stock exchange.

In an interview with ‘The Independent’, the Arcadia Group's owner remarked that “What they have managed to achieve in Australia is very impressive: signing up 10 million members is exceptional. Online is an interesting space in the market.”

According to ‘The Independent’, Sir Philip paid 50 million pounds for his holding through his wife Tina Green’s offshore investment firm, Shelton Capital. This flotation will represent his return to the trading floor with a quoted company since 1992, when he departed from Amber Day.

Set up in Sydney in 2007 by British born brothers Jamie and Carl Jackson, MySale offers 60 “flash sales” a day to its 10.8 million members, allowing them to buy branded clothes at a discount.