Australian retail conglomerate Accent Group said it has acquired fellow Australian activewear platform, Stylerunner.
The deal was “structured as an asset sale on a cash free, debt free basis,” according to a press release from ASX-listed Accent Group, while the value of the transaction was not disclosed.
Founded in 2012 by Australian entrepreneur Julie Stevanja, Stylerunner is an online multi-brand retailer of activewear and lifestyle apparel for women.
In the last seven years, the outfit has grown to become a global destination for high-end workout gear, accessories and supplements, stocking coveted limited-edition collections and items from over 50 brands including Nike, Adidas, PE Nation and Jaggad.
The retailer recorded some $50 million in sales annually in 2018, or an increase of 1,736 per cent, according to media reports. Last month, however, Stylerunner entered voluntary administration, appointing Restructuring Solutions as receiver and AS Advisory as administrators.
The recent sale to Accent Group will help drive efficiencies at Stylerunner, with Stevanja set to stay on board with her founding brand under the new Accent management.
“The Stylerunner acquisition represents an exciting opportunity for Accent Group to expand its reach into the growing women’s activewear and wellness market in Australia, and globally.
Activewear is a style trend that is not slowing down and we plan to encourage its momentum through strategic moves like this one,” said Daniel Agostinelli, CEO of Accent Group.
The group plans to innovate Stylerunner’s category and customer experience; strengthen supply partnership; build upon digital, CRM and marketing capabilities, and grow collaborations with Stylerunner’s vertical brands.
This includes leveraging Stylerunner’s supply chain capabilities and economies of scale, as well as developing a strategy for bricks-and mortar-stores over time, it added.
Accent Group, which owns sneaker chain Hype DC, The Athlete’s Foot and Podium Sports, among others, is present across Australia and New Zealand with a store count of 470 in 2019.