Flash sales website MySale, backed by Mike Ashley and Sir Philip Green, rescues gifts retailer Identity Direct out of administration

 
Shruti Tripathi Chopra
Follow Shruti
Southampton v Newcastle United - Premier League
Mike Ashley has a 4.8 per cent stake in MySale (Source: Getty)

Flash sale website MySale, backed by Arcadia boss Sir Philip Green and Sports Direct chief Mike Ashley, has snapped up Australian gifts retailer Identity Direct out of administration.

MySale is paying AU$2.7m (£1.6m) for Identity Direct which specialises in personalised gifts and school supplies. It has partnered with big brands including Disney, Sesame Street, Nickelodeon, Peppa Pig and Thomas & Friends.

Read more: Mike Ashley wants you to know something about his Agent Provocateur buyout

Aim-listed MySale plans to explore an additional revenue steam with its acquisition. To turn the business around, MySale will cut operating costs by combining shared services and will also improve shipping rates and reduce payment processing costs.

Read more: Revealed: Sir Philip Green's growing Arcadia pension deficit

​MySale's chief executive Carl Jackson said: "This acquisition will allow us to build an additional revenue stream that is very complementary to our existing core activities.

"We believe that MySale's strength and expertise as an online retailer of scale will bring many benefits to Identity Direct which in turn will unlock significant opportunities and efficiencies hitherto unavailable to that business."

Related articles