Frasers Group targets Australian shoe firm Accent just days after bidding for Hugo Boss

Mike Ashley is on the acquisition trail as his Frasers Group moves to buy an Australian footwear business, days after it bid for Hugo Boss.

Frasers, which already owns a 22.9 per cent stake in Accent, has made an offer of £166million for the rest of the business in a flurry of dealmaking by the group.

Shares in the Melbourne-based group jumped 15.4 per cent. Accent holds exclusive distribution rights for Dr Martens across New Zealand and Australia, where it operates more than 800 shops.

It also has exclusive rights to sell other brands in the region such as Vans, Hoka, Ugg and Timberland.

Frasers, which is majority owned by Ashley, first bought a stake in Accent in 2024 and has steadily increased its holding in the firm.

Last week, Frasers launched a takeover offer for German fashion label Hugo Boss. Ashley’s group has steadily built a significant shareholding in the luxury brand in recent years.