Philip Green buys 25 percent of MySale, eyeing an IPO

British retail tycoon and head of Arcadia – parent group to Topshop – has bought into Australian MySale, the region's biggest provider of online “flash” sales of clothes. Sir Phillip Green has acquired a 25 percent stake from OzSale, owners of the flash sales

platform.

According to Australian media, Green will take a 25 percent stake in MySale, which just announced it will move its headquarters to Britain in a step to get closer to the launch of its operation in Europe and the Americas.

Sources close to the deal have highlighted that with the sale, OzSale's private equity backers, Insight Venture Partners, will earn a big payout. Insight Venture Partners acquired a 27 percent in the retail group at 14.5 million dollars back in 2010.

Green buys into MySale and starts planning for an IPO

Reportedly, there are plans to float the business, worth circa 500 million dollars, on the London stock exchange.

Market sources have reminded that the business had been valued at 25 times earnings for the IPO and that this new attempt comes after plans for a local listing were cancelled.

The vendors are believed to have received offers from trade buyers in Britain and are confident of getting a higher price there than they would have received had they listed in Australia, reported ‘The Australian Business’.

OzSale, soon to be re-branded worldwide as MySale, last reported annual turnover of about 180 million dollars.

Angela González Rodríguez