Nine months after purchasing online activewear retailer Stylerunner, which entered voluntary administration three weeks earlier, ASX-listed Accent Group has leased for it a prominent corner shop in ritzy Armadale.
The 221 square metre premises, 1152-1154 High Street, is owned by a company controlled by members of the Cohen family.
Forming part of the ground floor of a four level apartment building, the property was last tenanted to boutique childrenswear store and café, Florrie.
Allard & Shelton’s Joseph Walton and Patrick Kerr marketed the space with and for Grant Cohen – The Block Arcade owner and grandson of late Godreys founder, Godfrey.
At the south east corner of Seymour Avenue, the mixed-use High Street complex replaced a single-storey shop once occupied by consumer electrics store Bang & Olufsen.
Armadale is about seven kilometres south east of Melbourne.
Accent Group stepping out
Formerly known as RCG Corporation, Accent Group is Australia’s largest footwear retailer, said to control about a fifth of the market.
Its marques include CAT, Dr Martens, Hype, Merrell, Palladium, Platypus, Saucony, Sketchers, Sperry, Stance, Supra, The Athlete’s Foot, Timberland, Trybe and Vans.
The Stylerunner acquisition was considered tactical – that retailer deriving 50-60 per cent of its revenue from activewear and wellness products and the balance from shoes (story continues below).
Stylerunner – an eight year old ‘new’ retailer
Though a new bricks and mortar retailer, Stylerunner was established as an online enterprise eight years ago by Sydney twins, Julie and Sali Stevanja.
In 2017, the former ranked 87th on the AFR Young Rich List with an estimated net worth of about $30m.
A year later, it was reported, Stylerunner was turning over $50m per annum.
The retailer sells brand name clothing as well as its own makes (including Flight Mode and New Guard).
It also trades in vitamins and beauty products.
When it acquired the business last November, Accent Group chief executive officer Daniel Agostinelli said it aimed to reach a new, predominantly female audience, and that activewear and wellness categories were booming.
“Activewear is a style trend that isn’t slowing down and we plan to encourage its momentum through strategic moves like this one,” the businessman added.
The parent employed Julie Stevanja and the company’s team of 14.
It also said it expects to open more stores in premium locations, including in the Melbourne CBD and shopping centres.