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Sports Direct buys 5 pct stake in MySale

Reuters - UK Focus

LONDON, June 18 (Reuters) - Mike Ashley's Sports Direct (Frankfurt: A0MK5S - news) said on Wednesday it had bought a 4.8 percent stake in MySale Group, an Australian fashion sales site that listed on the London stock market earlier this month.

"Sports Direct looks forward to developing its relationship with MySale, including the potential to co-operate on significant collaboration and joint venture opportunities in Australasia and Asia," it said.

"This partnership approach is consistent with Sports Direct's strategy in other regions and the group believes that MySale is ideally suited to help realise Sports Direct's multi-channel potential in Australasia and Asia."

(Reporting by Kate Holton; Editing by Costas Pitas)