Accent Group

Last updated

Accent Group
Company type Public
ASX:  AX1
Industry Retail
Founded1988
Headquarters,
Australia
Area served
Australia, New Zealand
Key people
David Gordon (Chairman)
Daniel Agostinelli (CEO)
Products Footwear
Revenue$1.3 billion (2022)
$62 million (2021)
$22 million (2022)
Website accentgr.com.au

Accent Group is an Australian and New Zealand footwear and clothing retail, wholesaling and distribution company. It has more than 800 retail stores, [1] along with 19 brands, and more than 20 online platforms. [2]

Contents

The company is listed on the Australian Securities Exchange. [3]

History

Accent Group began as a small New Zealand wholesaling business in 1988. [2]

The company acquired several Australian fashion and footwear brands in the late 2010s and early 2020s. [4] In April 2021, Accent Group entered an agreement to acquire the Glue Store retail business and the Next Athleisure's wholesale and distribution business for $13 million. Next Athleisure owned the brands Nude Lucy, Beyond Her, Lulu & Rose, Article One, and distributed the brands Superga, Ellesse, Le Coq Sportif, Kappa, K-Way, Sebago and Napapijri. [5]

More than 400 Accent Group stores were closed for at least a month in 2020 due to lockdown restrictions brought on by the COVID-19 pandemic. [6] Restrictions between July and October 2020 caused it to miss expectations by AU$86 million, but the company benefited from an increase in online sales. [7]

The company reported a fourth consecutive year of record profit in the 2021 financial year. It recorded $1.14 billion in sales, an increase of 19.9% on the previous year. [4]

Accent Group reported a reduction in sales in the second half of 2021 due to effects of the COVID-19 pandemic. Between July and October, more than 400 of its 700 stores were required to close because of lockdowns. [3]

The business was affected by a drop in foot traffic in January 2022 due to the SARS-CoV-2 Omicron variant. [8] The company decided against providing guidance for the first half of 2022 due to uncertainties around supply chains. [9] However, fund manager Wilson Asset Management expected the company's performance to improve due to the easing of restrictions and increased foot traffic through its stores. [10]

Brands

Original brands

Hype DC store in Westfield Carousel Hype DC, Westfield Carousel.jpg
Hype DC store in Westfield Carousel
Platypus store in Westfield Carousel Platypus, Westfield Carousel.jpg
Platypus store in Westfield Carousel

Licensed brands

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References

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  4. 1 2 Blake, Dean (19 November 2020). "Accent Group hit fourth year of record profit, chart overseas expansion". Octomedia. Inside Retailing.
  5. Blake, Dean (23 April 2021). "Accent Group picks up Glue, Next Athleisure in expansion play". Inside Retail Australia. Retrieved 5 February 2024.
  6. McIlvaine, Heather (27 August 2020). "Quick shift online helps Accent Group maintain momentum". Octomedia. Inside Retailing.
  7. Blake, Dean (19 November 2020). "Quick shift online helps Accent Group maintain momentum". Octomedia. Inside Retailing.
  8. Evans, Simon (25 January 2022). "Hype and Platypus owner Accent Group hit as shoppers stay home". Australian Financial Review.
  9. Pandey, Swati (24 March 2022). "Cracks Emerge in Australian Economy Approaching Maximum Velocity". Yahoo Finance.
  10. Harrison, Tristan (18 March 2022). "Top fund manager reveals 2 smart ASX shares to buy". The Motley Fool.
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  12. "Hype DC". hypedc.com. Accent Group.
  13. Palmer-Derrien, Stephanie (1 March 2022). "Stylerunner founders raise $1.6 million for new app that reimagines the coupon". Private Media. Smart Company.
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  16. Dong, Irene (23 November 2023). "Platypus opens 200th store, promises 30 more by June". Inside Retail Australia. Retrieved 24 January 2024.
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