Sir Philip Green, the British businessman and CEO of Arcadia Group, has embarked on a new retail venture by buying 25 percent stake in the Australia-based flash sales site Mysale.
According to WWD, the 62-year-old Topshop label owner believes that the online store, which mainly caters for the Southeast Asian and Aussie markets, is a “very, very interesting space”.
With plans to foray in the US and European markets through new website launches, Mysale offers men’s, women’s and children’s fashion clothing and accessories, as well as beauty and homeware products at hugely discounted rates.
The brand, which conducts daily flash sales with up to 80 percent off on products, also has plans to shift its Sydney-based headquarters to London this year and is set to post annual revenues of around US$ 300 million.
The members-only e-commerce site was founded some seven years ago by British brothers Jamie and Carl Jackson.
Sir Phillip Green-owned retail giant Arcadia Group operates leading high-street labels like Topshop, BHS and Dorothy Perkins.