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 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.

Accent boss Daniel Agostinelli said the purchase included exclusively owned brands, and distribution rights for others.

The company said it plans to open more Glue stores, offer more shoes in the stores, and improve online sales.

Accent 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 6.54 per cent to $2.77 at 1147 AEST.

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