Bestseller, which is ASOS’ largest shareholder and which also has a significant stake in Zalando, has acquired M and M Direct – the discounted sportswear business which sells online via local market websites in a number of countries, as well as the UK. M and M Direct which started from a market stall, turning to mail order and then internet sales as it grew, is owned by private equity investor TA Associates. M and M Direct had been planning to list on the junior market when Bestseller came in with a £140m offer to buy it.
The purchase is expected to be completed within eight weeks but the two companies will remain separate units, although Bestseller hopes to leverage the skillset within the M and M Direct team across its wider business interests.
Bestseller’s Communications Director, Mogens Werge, said: “We trust that the collaboration will become beneficial for both our companies in the long run, and we look forward to be working with and learning from M and M on areas like mobile sales.”
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