ASX: AX1 | |
Industry | Retail |
Founded | 1988 |
Headquarters | , Australia |
Area served | Australia, New Zealand |
Key people | David Gordon (Chairman) Daniel Agostinelli (CEO) |
Products | Footwear |
Revenue | $1.3 billion (2022) |
$62 million (2021) | |
$22 million (2022) | |
Website | accentgr |
Accent Group is an Australian and New Zealand footwear and clothing retail, wholesaling and distribution company. It has more than 800 retail stores,[1] along with 19 brands, and more than 20 online platforms.[2]
The company is listed on the Australian Securities Exchange.[3]
Accent Group began as a small New Zealand wholesaling business in 1988.[2]
The company acquired several Australian fashion and footwear brands in the late 2010s and early 2020s.[4]
More than 400 Accent Group stores were closed for at least a month in 2020 due to lockdown restrictions brought on by the COVID-19 pandemic.[5] Restrictions between July and October 2020 caused it to miss expectations by AU$86 million, but the company benefited from an increase in online sales.[6]
The company reported a fourth consecutive year of record profit in the 2021 financial year. It recorded $1.14 billion in sales, an increase of 19.9% on the previous year.[4]
Accent Group reported a reduction in sales in the second half of 2021 due to effects of the COVID-19 pandemic. Between July and October, more than 400 of its 700 stores were required to close because of lockdowns.[3]
The business was affected by a drop in foot traffic in January 2022 due to the SARS-CoV-2 Omicron variant.[7] The company decided against providing guidance for the first half of 2022 due to uncertainties around supply chains.[8] However, fund manager Wilson Asset Management expected the company's performance to improve due to the easing of restrictions and increased foot traffic through its stores.[9]