RETAIL tycoon Sir Philip Green has bought a 25 per cent stake in an Australian shopping website that is plotting a float on the London Stock Exchange within months.
Mysale is Australia and Asia’s largest provider of online flash sales, where shoppers can buy clothing and homeware brands at a discount for a short period of time. It revealed plans last week to open offices in the UK and has opened a distribution centre in Corby employing 100 people.
It is understood to be in talks with investment banks in London over plans to float and is being advised by Australian bank Macquarie.
The deal marks Green’s first major acquisition since 2002 when he snapped up Topshop owner Arcadia. A float would also be his first involvement in a listed company since 1988 when he became chairman of the quoted discount retailer Amber Day.
Mysale has 10m members in six countries and turned over £102m last year. It plans to launch a UK website next month.