RCG buys Accent Group

Platypus-Shoes-2Footwear retailer, RCG Corporation, has signed a deal to purchase Accent Group, owner of the Platypus Shoes, Skechers, Vans, and Timberland stores.

RCG, owner of Athlete’s Foot and Saucony, will pay between A$180 million and A$200 million for the company, which also holds the Australian and New Zealand licences to a string of international brands, including Dr Martens, Stance, K Swiss, and Palladium.

Accent operates 97 stores across Australia and NZ, with retail sales for the 2014 calendar year of A$120 million.

Hilton Brett, CEO of RCG, said RCG’s strategy is to identify and acquire existing brands that have synergies with the existing business.

“The company’s strategy is to acquire distribution and retail businesses in the footwear and active lifestyle space. There are few, if any businesses that meet this brief better than Accent Group,” said Brett.

“The strategic benefits and opportunities that this acquisition are likely to bring are extremely exciting.”

Accent Group has recently taken over the leases of Bing, Harris & Co stores, following its closure.

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