The Accent Group is placing its bets on Sports Direct’s growth, with a groupwide expansion of its store footprint at the centre of its ongoing plan.
The footwear and apparel distributor said it wants to reach around 950 stores and $1.5bn in sales by 2030. The goals follow the group’s 40 per cent drop in profits in the first half of its fiscal year.
“The company is well-positioned for growth, backed by highly experienced management and more than 9,000 team members in our stores and support office,” Accent Group CEO Daniel Agostinelli said. “The entire team is focused on serving our customers and delivering the growth plan to drive long-term shareholder value.”
Agostinelli is currently at the behest of an ASIC probe into insider trading; the company maintains his innocence and said he will continue in his role undeterred. Accent’s headline play in recent years across Australia and New Zealand has been the introduction of leading UK sports retailer, Sports Direct, a project which it plans to accelerate.
With plans to bring Sports Direct’s domestic store count to eight by the end of the year, Accent said a total network ranging between 50 and 100 stores by 2030 will allow the group to realise the gains of what it calls a $5bn market.
The Sports Direct push comes after the company’s owner, Frasers Group, acquired a near 20 per cent stake in Accent at the start of the year.
