Accent buys Glue Store for $13 million
Clothing chain Glue Store has been sold in a $13 million deal to Accent Group, which owns retailers such as The Athlete's Foot, Dr Marterns and Supra.
Accent said on Friday it was buying Next Athleisure, which owns the youth-focused Glue as well as wholesale and distribution operations.
Glue has annual sales of about $90 million, including $16.6 million from online. The chain has 21 stores across Queensland, NSW and Victoria.
Accent boss Daniel Agostinelli said the purchase included exclusively owned brands, and distribution rights for others.
The company said it plans for Glue include opening more stores, improve online sales and offering more shoes.
The purchase was not likely to have a material impact on full-year earnings, according to Accent.
The company said the sale was expected to be completed by the end of May.
Investors liked the purchase and sent shares to a record $2.82.
Shares were higher by 7.69 per cent to $2.80 at 1418 AEST.
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