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Accent Group

Accent Group Limited is an and -based company specializing in the , wholesale, , and of lifestyle , apparel, and accessories. Founded in 1988 in as a wholesale distributor, the company has expanded significantly into a digitally integrated business, operating 892 physical stores across and , alongside 31 online platforms as of June 2025. It manages a portfolio of 34 owned and distributed brands, including prominent names such as , , , , UGG, and , positioning it as a leading player in the performance and lifestyle apparel and footwear market in the region. Headquartered in , Australia, Accent Group employs 8,600 people and reported total sales of $1.62 billion for the fiscal year ended June 29, 2025. The company is publicly listed on the Australian Securities Exchange under the ticker symbol AX1 and continues to grow through strategic acquisitions and expansions in the retail sector.

Company overview

Founding and headquarters

Accent Group was established in 1988 as a private company incorporated in New Zealand, initially operating as a wholesaling business focused on the distribution and marketing of global footwear brands. The company was founded by shareholders Craig Thompson, Bill Duell, and Michael Hapgood, who aimed to build a distribution network for performance and lifestyle footwear in the region. From its inception, Accent Group's core activities centered on wholesale operations, supplying international brands to retailers across Australia and New Zealand before venturing into direct retail. The original Accent Group was acquired by the ASX-listed RCG Corporation (listed in 2004 under ticker AX1) in 2015, with RCG rebranding to Accent Group Limited in November . Around , the company relocated its to , establishing its central operations in . The current is located at 2/64 Balmain Street in 3121, serving as the primary hub for strategic decision-making, supply chain management, and overall corporate functions. This oversees the company's integrated retail and distribution activities across the region.

Business model

Accent Group operates a hybrid business model that integrates owned retail operations, licensed distribution, and wholesale activities across performance and lifestyle categories in the footwear and apparel sector. This approach allows the company to control both direct-to-consumer sales through its branded stores and broader market penetration via partnerships and supply chain management. Originating from wholesaling roots in New Zealand, the model has evolved to emphasize scalable distribution while maintaining a strong retail footprint. A key component is the company's focus on digitally integrated retail, incorporating strategies that seamlessly blend physical stores with platforms. As of FY2025 (ended August 2025), Accent Group operates 892 locations including over 850 physical stores and more than 35 online platforms. The company leverages technologies such as headless progressive apps (PWAs) and API-led architectures to enhance customer experiences, including unified inventory and personalized incentives. This digital emphasis supports efficient transformations, enabling one-stream operations and real-time functionalities across channels. Accent Group holds exclusive distribution rights for numerous global brands in and , facilitating localized and brand expansion without direct ownership. These rights underpin a element, where the company partners with local operators to extend its reach while retaining control over distribution logistics. Positioned as a market leader in lifestyle footwear, apparel, and accessories, Accent Group's model—managing 34 brands as of 2025—prioritizes portfolio diversification and consumer-centric innovation to drive growth in the performance lifestyle segment. This leadership is evidenced by its management of iconic brands through a multi-channel strategy that balances retail scale with distribution efficiency.

History

Early years

Accent Group was established in 1988 as a wholesale distributor of global footwear , initially operating out of . The company was founded by shareholders , Bill Duell, and Michael Hapgood, who focused on and distributing to build a foundation in the region. During the 1990s, Accent Group transitioned from wholesaling to , expanding into to capitalize on the growing demand for branded . This move involved establishing a retail presence amid a competitive landscape dominated by established chains, requiring strategic entry to secure distribution rights and build consumer awareness. By the early , the company had achieved significant organic growth, increasing its store count through new openings and diversifying beyond athletic into categories such as casual and fashion-oriented products. This solidified Accent's position as a key player in the Australasian market prior to major external changes.

Acquisitions and rebranding

In 2015, RCG Corporation acquired Accent Group for approximately $200 million, marking a significant expansion of its footwear retail operations across and . The deal, valued at six times Accent's normalized maintainable EBITDA for the financial year ending April 2015, integrated Accent's subsidiaries and brands into RCG's portfolio, effectively tripling the combined entity's size. The merger delivered key synergies through an expanded store portfolio and enhanced brand management capabilities. RCG's store count grew from 174 to 269 locations, while annual sales increased from $268 million to $450 million, allowing for greater scale in distribution and market reach across lifestyle and performance footwear categories. This combination also doubled the number of managed brands, introducing new and fashion segments that complemented RCG's existing athletic focus, such as The . In November 2017, RCG Corporation rebranded to to better align with its core operations and emphasize the heritage of the acquired business. The change reflected customer recognition of the name as more representative of the group's and footwear emphasis, following the integration of and subsequent acquisitions like Hype DC. Post-rebranding, Accent Group implemented immediate adjustments to unify its leadership structure, including a board refresh and relocating the new Group to Accent's headquarters to centralize decision-making. These steps facilitated smoother integration of the merged entities' operations and strategic oversight.

Expansion and recent developments

In 2021, Accent Group expanded its portfolio through the acquisition of Glue Store's retail business and Next Athleisure's wholesale and distribution brands for A$13 million, integrating owned vertical brands such as Nude Lucy, Beyond Her, Lulu & Rose, and Article One to strengthen its apparel and lifestyle segments. This move diversified Accent's offerings beyond footwear into youth-oriented apparel, with Glue Store's 21 physical locations and online presence providing a platform for further network growth. The company's sales momentum continued post-acquisition, reaching A$1.138 billion in 2021, reflecting a 19.9% increase from the previous year driven by robust and retail performance. By 2022, total sales, including franchise contributions, grew to A$1.267 billion, a 11.3% rise, underscoring sustained expansion amid recovering consumer demand. In February 2024, Accent Group announced the discontinuation of The franchise model over five years, opting not to renew agreements upon expiry to transition toward full ownership and operational control. As of August 2025, 15 stores had been reacquired, with 45 remaining. Concurrently, the company divested The Trybe brand, a specialty kids' retailer, to Munro Footwear Group for A$2.2 million in August 2024, allowing Accent to streamline its portfolio and focus on core sports and lifestyle categories. A significant development occurred in 2025 with a between Accent Group and , where Frasers increased its stake to 19.57% through a A$60.4 million investment to fund the rollout of Sports Direct in and . Under a 25-year agreement, Accent plans to open at least 50 Sports Direct stores alongside an online presence, enhancing its sports retail footprint in the region. In November 2025, Accent Group opened its first Sports Direct store at Westfield Fountain Gate, . The company also appointed Debbie Hinbest as of People, Culture and Transformation and Steve Morris as of Merchandise, Planning and . Earlier, in August 2025, fiscal year 2025 results reported total sales of A$1.62 billion, a 0.2% increase from the prior year.

Operations

Retail network

Accent Group maintains a physical retail network comprising 892 stores across Australia and New Zealand as of the end of fiscal year 2025 (30 June 2025), supporting its role in the footwear and apparel market. This network experienced net growth in fiscal year 2025, with 54 new stores opened and 57 closures, resulting in a total of 892 stores by the end of June 2025. The stores are predominantly situated in , spanning urban hubs like and as well as regional areas, while operations are more limited, focusing on major cities such as . Key banners within the network include Platypus Shoes and Hype DC, which emphasize lifestyle and footwear, alongside others like The with 160 locations. Store formats vary to cater to different customer segments, including stores in high-traffic urban sites, outlet locations for discounted offerings, and a combination of corporate-owned and franchised operations. For instance, The banner features 101 corporate stores in and 14 in , with the remaining as franchises. Following changes initiated post-2024, Accent Group reacquired 15 franchises in fiscal year 2025, with plans to transition the remaining 45 over the next five years to consolidate ownership.

Distribution and e-commerce

Accent Group maintains a robust wholesale and distribution network that supports its portfolio of over 34 , with exclusive distribution rights for many in the and region. The company, which originated as a wholesale in 1988, handles the supply of performance and lifestyle footwear and apparel products through dedicated channels, including recent additions like and footwear. This network facilitates wholesale sales to independent retailers and partners beyond Accent's own stores, emphasizing efficient product flow for such as , , and . The company's logistics infrastructure includes key hubs in , , and , which manage , international and local shipping, warehousing, , and freight operations. These facilities support a optimized for time-sensitive of lifestyle and performance goods, incorporating systems for across , wholesale, and streams to enable flexible customer options like various pickup and shipping methods. In , Accent Group operates over 35 online platforms as of 2025, providing dedicated digital storefronts for its brands and enabling seamless integration with its physical retail presence for an experience. This includes features like unified inventory visibility and buy-online-pickup-in-store capabilities, enhancing customer accessibility across channels. The digital infrastructure has seen significant contributions from post-2021 acquisitions, notably the integration of Glue Store's online operations, which added established capabilities and boosted overall digital sales channels.

Brands

Owned brands

Accent Group's owned brands form the core of its retail ecosystem, encompassing multi-brand retailers and vertical labels that target diverse segments of the footwear and apparel market in and . These brands are fully controlled and managed internally, allowing for integrated operations across physical stores, , and wholesale channels. Key owned brands include lifestyle footwear retailers like Platypus Shoes and The Athlete's Foot (TAF), streetwear-focused chains such as Hype DC and Glue Store, and women's activewear platforms like Stylerunner, each contributing unique positioning to capture youth, , and performance-driven consumers. Platypus Shoes, a foundational owned brand, was established in 1998 as Australia's premier lifestyle footwear retailer, emphasizing fresh, high-quality sneakers and casual shoes from global labels to promote an active and expressive lifestyle. With over 200 stores across Australia and New Zealand, it serves as a multi-brand destination that fosters customer loyalty through passionate service and trend-forward curation, generating significant revenue within Accent's portfolio as a staple for urban and youth demographics. Hype DC, acquired by Accent Group in , originated around from a founder's European-inspired vision and has grown into Australia's leading sneaker and retailer, specializing in premium, limited-edition releases and exclusive collaborations from top global brands. Operating gallery-like stores and a robust online platform, it targets the youth market with hype-driven drops and cultural events, bolstering Accent's appeal in the competitive streetwear segment and driving double-digit growth in owned retail sales. Stylerunner, founded in by sisters and Sali Stevanja as an online pioneer in premium women's activewear, was acquired by Accent Group in and subsequently expanded into physical with its first in 2020. Focusing on sportswear, athleisure, and sneakers from brands like and , it caters to women across ages and sizes with near-daily product launches, enhancing Accent's digital-first strategy and contributing to the growth of vertical owned brands through inclusive, trend-setting offerings. Subtype, established in Sydney in 2011 and fully acquired by Accent Group in 2018, positions itself as a premium curator of , , and apparel, featuring exclusive drops and high-end collaborations in boutique stores across , , and . Its focus on limited-edition items and cultural relevance strengthens Accent's premium youth , integrating seamlessly with broader licensed offerings to create a cohesive for fashion-forward consumers. ITNO (In The Name Of), a Melbourne-based vertical label owned by Accent Group, specializes in versatile, contemporary styles including , boots, , and heels, designed for everyday wear and available through channels like Shoes. Launched to fill gaps in accessible, stylish , it supports Accent's strategy of developing in-house labels that complement multi-brand , emphasizing and affordability for diverse demographics. Other vertical owned brands, such as Lulu & Rose acquired in 2021 through the Next Athleisure deal, further diversify the portfolio with feminine, nostalgic womenswear collections that blend flirtatious designs and exclusive prints, enhancing Accent's apparel expansion and opportunities within its owned network.

Licensed brands

Accent Group holds exclusive distribution rights for several prominent footwear in and , enabling it to manage wholesale operations, formats, and channels through strategic partnerships with global licensors. These agreements emphasize long-term collaboration, with Accent Group leveraging its regional expertise to expand brand presence via dedicated stores, store-within-store concepts, and multi-brand outlets. Skechers represents a of Group's licensed portfolio, under a long-term distribution agreement that positions the company as the exclusive distributor across and . This partnership, established prior to 2025 and reaffirmed following Skechers' global acquisition, supports over 200 mono-branded Skechers stores and drives substantial revenue through lifestyle focused on comfort and trend appeal. The collaboration highlights mutual growth strategies, with Accent Group handling product importation, marketing, and retail expansion to meet regional demand. Vans, Timberland, and Dr. Martens further exemplify Accent Group's licensed partnerships, each featuring exclusive regional distribution rights tailored to footwear innovation and cultural relevance. Accent Group has distributed since 2002 in and 1992 in , offering standalone stores and integrated retail experiences that capitalize on the brand's skate and heritage. Timberland distribution began in 2012, emphasizing outdoor durability with store-within-store setups in Accent's network, while ' exclusive agreement enables dedicated flagship stores in major cities like and , underscoring the brand's iconic boot legacy. These licenses typically span multi-year terms, fostering joint initiatives in product localization and consumer engagement without ownership transfer. Merrell and Palladium round out key licensed offerings, with Accent Group securing exclusive distribution for performance-oriented outdoor and urban footwear in the Australia-New Zealand market. Merrell's partnership supports hiking and trail running lines through specialized retail channels, while Palladium's agreement highlights versatile boot styles integrated into Accent's lifestyle banners. Both emphasize sustainable materials and adventure themes, with terms ensuring Accent's control over supply chain and merchandising to align with local preferences. In October 2024, Accent Group added Lacoste (8-year agreement, distribution commenced 2025) and Dickies (5-year agreement starting July 2025) as exclusive distributors, expanding into lifestyle apparel and workwear segments. In 2025, Accent Group's strategic partnership with introduced additional licensed brands, including , , , and USA Pro, under a multi-year to bolster sports and activewear distribution. This collaboration grants exclusive regional rights for these Frasers-owned labels, enabling co-branded Sports Direct stores and expanded wholesale access, thereby enhancing Accent's portfolio with , athletic, and outdoor gear focused on affordability and performance. The deal underscores evolving partnership dynamics, combining Frasers' global sourcing with Accent's local retail infrastructure for accelerated . These licensed brands complement Accent Group's owned portfolio by diversifying product ranges and capturing varied consumer segments in the competitive landscape.

Corporate affairs

Accent Group Limited, an retailer, is led by a team of executives with extensive experience guiding its operations and strategic expansion. The company's has evolved significantly since its founding in 1988 by Michael Hapgood, , and Bill Duell, who established it as a of premium brands. Over time, the shifted from founder-led operations to a professional executive structure, particularly following the 2015 acquisition by Retail Conglomerate Group (RCG), which was already listed on the ASX, and the subsequent to Accent Group Limited in 2017, which formalized and emphasized growth through acquisitions and digital channels. Daniel Agostinelli serves as Group , a role he has held since before the 2015 acquisition, overseeing day-to-day operations and driving strategic initiatives such as digital integration and brand portfolio expansion. With over 30 years in retail, Agostinelli began his career at age 16 in a and progressed through various roles before joining in 2007, becoming CEO prior to the RCG acquisition. Post the 2018 rebranding from RCG to , he has prioritized strategies, including the adoption of Adobe Commerce for headless progressive web apps across brands and partnerships like Amperity for unification in 2023, contributing to online sales reaching 19.1% of total retail sales by FY23. Matthew Durbin, Group Chief Financial and Operations Officer since joining in 2017, supports this by managing financial strategy, operations, and joint company secretarial duties. A qualified with 30 years in , including prior and roles at The PAS Group, Durbin has been instrumental in the company's financial performance from FY21 to FY25, overseeing expansions like the opening of 54 new stores in FY25 (though with 57 closures or divestments, resulting in a net decrease of 3 stores) and intangible asset from initiatives such as upgrades. His tenure coincides with revenue increases, including a 3.5% same-store in early FY25, amid a period of profit expansion and digitalization. Other key executives include brand directors who manage specific portfolios, such as those for owned and licensed , contributing to the 2021–2025 growth phase through targeted expansions like the 2025 partnership with for Sports Direct stores. A notable leadership decision under Agostinelli was the 2024 announcement to phase out the franchise model for The Athlete's Foot brand, transitioning all 62 remaining franchised stores to company-owned operations within five years to enhance control and profitability. The executive team reports to the board, which provides oversight on major strategic directions.

Ownership and governance

Accent Group Limited is a publicly listed company on the Australian Securities Exchange (ASX) under the ticker symbol AX1. As of August 2025, its major shareholders include plc, which holds a 19.90% stake, making it one of the largest investors. Other substantial holders include Mash Holdings Topco Limited with approximately 19.9%. This shareholder structure reflects a diverse ownership base, with institutional investors like holding 3.94% and no single entity exerting majority control. The comprises seven members as of November 2025, balancing executive leadership with independent oversight. In May 2025, it was announced that David Gordon would retire as Non-Executive Chairman and Director at the conclusion of the November 2025 , with Lawrence Myers succeeding him as Non-Executive Chairman. Lawrence Myers (member of Audit and Risk and People and Remuneration Committees), Anne Loveridge AM (Chair of the Audit and Risk Committee and member of the People and Remuneration Committee), and Donna Player (member of the People and Remuneration Committee) serve as Non-Executive Directors. Daniel Agostinelli is the Managing Director and . Non-Executive Directors include Michael Hapgood (founding member and part of the Digital Strategy Group) and Dave Forsey (appointed in November 2024, representing interests and thus non-independent). The board's composition adheres to ASX Principles, with a majority of independent directors ensuring robust . Accent Group's governance framework emphasizes ethical practices, compliance, and strategic oversight, with key policies updated post-2022 to address evolving regulatory and operational demands. The Audit and Risk Committee oversees enterprise-wide , including financial, operational, and emerging risks like disruptions, through regular monitoring and internal audits. Sustainability is integrated via an framework established after 2022, focusing on three pillars—people, responsibilities, and environment—with annual reporting on initiatives such as ethical sourcing, , and carbon reduction targets. This includes board-level for ESG performance, supported by policies on modern slavery and whistleblower protection. The April 2025 strategic investment by , raising its stake to 19.57%, has influenced governance by adding Dave Forsey to the board, providing expertise without altering control structures or triggering mandatory provisions. This partnership has shaped expansion strategies, particularly in sporting goods, while the board maintains independence in decision-making, with Frasers restricted from increasing its holding beyond 26% for three years.

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