MySale Group sells Cocosa for 1.5 million pounds
May 6, 2019
Monday, 06 May 2019
Australian online retailer MySale Group has entered into anunconditional agreement to sell the trade and assets of shopping platformCocosa.co.uk to fashion retailer Brandalley for 1.5 million pounds. The completion of the deal is set for 9 May and forms part of thecompany’s rationalisation programme as it increasingly focuses on theAustralia and New Zealand region. “This disposal represents a key step inaccelerating our ‘ANZ First’ strategy, which looks to optimise our scale,resources and market position in the region,” said MySale CEO, CarlJackson, in a statement. “With this more streamlined and focused approach,we can provide an improved offering for both our customers and brandpartners.”
In the financial year to June 2018, Cocosa achieved revenue of 15.7million Australian dollars (8.4 million pounds), approximately 5 percent oftotal group revenue, and incurred a loss before tax of 400,000 Australiandollars (215,000 pounds) including attributable central operatingexpenses.