• Accent granted right to launch and operate Sports Direct business in Australia and New Zealand for 25-year term
• Accent to have access to Frasers' owned brand portfolio for Sports Direct and other Accent stores
• Frasers to subscribe for 5% additional stake in Accent for $60.4 million to fund Sports Direct roll-out

Accent Group has announced a strategic transaction with Frasers Group to launch and operate the Sports Direct retail and online business in Australia and New Zealand for an initial 25-year term. Accent plans for an initial roll-out of at least 50 Sports Direct stores plus online over the next 6 years, and ultimately sees an opportunity for 100 plus Sports Direct stores. Accent will have access to Frasers' owned brand portfolio to sell both within Sports Direct and other Accent stores. Frasers has agreed to subscribe for 35,186,695 new Accent shares at a price of $1.718 per new share (representing a further 5% shareholding in Accent), with the ~$60.4 million in proceeds to be used to fund the initial roll-out of the Sports Direct business in ANZ. The subscription price represents a 3.5% discount to Accent's closing share price on the ASX on Friday, 11 April 2025. Accent will be required to pay certain prescribed royalties to Frasers based on sales volumes, and after 31 December 2028, Accent has agreed to pay Frasers an annual Minimum Royalty Guarantee which may amount to a minimum of approximately $100 million over the initial 25-year term. The arrangements with Frasers also involve Accent acquiring Frasers' discount online fashion marketplace, MySale, to consolidate Frasers' Australian operations into Accent and extend Accent's online presence.

Accent plans for an initial roll-out of at least 50 Sports Direct stores over the next 6 years, leveraging the brand's proven operating model, with an opportunity for 100 plus Sports Direct stores in ANZ over time.