1. News
May 7, 2019

MySale Group to sell UK website Cocosa to Brandalley

International online retailer MySale Group has agreed to dispose of the trade and assets of its online platform cocosa.co.uk, to online fashion retailer Brandalley UK.

International online retailer MySale Group has agreed to dispose of the trade and assets of its online platform cocosa.co.uk, to online fashion retailer Brandalley UK.

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MySale, which is backed by Sir Philip Green and Mike Ashley, signed an unconditional agreement with Brandalley UK for a total consideration of £1.5m ($1.96m), which is payable in cash on completion of the transaction. The company expects to close the transaction on 9 May this year.

“This disposal represents a key step in accelerating our ‘ANZ First’ strategy.”

The deal is part of the company’s rationalisation programme and marks its exit from the UK. The retailer will focus on its business in Australia and New Zealand (ANZ) region.

MySale Group CEO Carl Jackson said: “This disposal represents a key step in accelerating our ‘ANZ First’ strategy, which looks to optimise our scale, resources and market position in the region.

“With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners.”

According to the company, cocosa.co.uk reported AUD15.7m ($10.96m) revenue, which is about 5% of total group revenue. The business incurred a loss before tax of AUD0.4m ($279,347), and had assets with nil net book value.

MySale Group currently operates 22 websites in seven countries, including OzSale and BuyInvite in Australia, NzSale in New Zealand, SingSale in Singapore, MySale in Malaysia, Thailand, the Philippines, and Hong Kong.

It also operates Deals Direct, OO.com and Top Buy platforms in Australia, as well as Identity Direct in Australia and New Zealand.

Free Whitepaper
img

What is the impact of historically high inflation on the UK consumer landscape?

The average UK consumer is experiencing a severe cost-of living crisis as inflation surges to a forty-year high and the price of goods continues to rise. This shock is the result of the sharply increasing costs of commodities, energy, and the ongoing conflict in Ukraine, and is threatening FMCG manufacturers, retailers, and foodservice operators’ ability to survive and grow. Inflation will have a profound effect on many consumer-facing industries in 2022 and beyond. Consult GlobalData’s new whitepaper, Inflation in the UK: The Impact of Historically High Inflation on the UK Consumer Landscape, to better understand shifts in consumer behavior and their impact on spending patterns, as well as the implications for UK businesses. This whitepaper covers:  
  • Why has global inflation returned with a vengeance?
  • What is the current inflation situation in the UK?
  • What impact is inflation having on UK retail sales?
  • What tactics are businesses relying on to tackle the effects of high inflation?
  • How are consumers changing their behaviors to cope with the higher cost of living?
  • Which industry sectors are most vulnerable to reduced consumer demand?
  • How is the government responding to high inflation?
  • How long will high inflation last in the UK?
  • How can your company survive and thrive in a high inflation environment?
Enter your details here to receive your free whitepaper and ready your business for these increasingly uncertain times.
by GD50 Custom
Enter your details here to receive your free Whitepaper.