Phillip Green Buys 25% Stake in MySales
One of the biggest online flash sale stores, the Topshop owner has acquired a 25% stake from OzSale, following their announcement to move the Head Quarters into the UK for the European launch.
Mysale sells branded men’s, women’s and children apparel and accessories at a hugely discounted price through daily flash sales. Current operating in Asia and Australia, where the company is based, Mysale plans to move into the US and UK this June, alongside a headquarter move.
Green commented on the company, calling it “a very interesting space” taking particular interest in the company’s ability to sell past season stock so successfully. The site which currently has over 10 million members a new 200,000 joining each month, has rumours and discussions of the site going public later this year – this could possibly be Green’s first public investment since he invested in Amber Day, almost three decades ago.
Mysale was founded by British brothers Jamie and Carl Jackson, seven years ago. Growing to achieve sales of £102million in the year of June 2013.