UK retail group Frasers is intensifying its efforts to influence the direction of Australian retailer Accent Group ahead of a shareholder vote scheduled for November 20. The company, led by billionaire Mike Ashley, has begun contacting Accent shareholders to encourage them to oppose the re-election of Accent’s chairman, Lawrence Myers.

Frasers’ chief financial officer, Chris Wooton, clarified that the campaign is not an attempt to seize full board control but rather targets the removal of Myers specifically. He emphasized the company’s support for Accent’s current board members—aside from the chairman—and rejected the portrayal of the upcoming annual general meeting (AGM) as a binary contest between Frasers and Accent.

Despite this, Frasers has not formally announced its own vote on Myers’ re-election. The group must navigate a previous agreement with Accent that could result in the loss of its board nominee if it votes contrary to the board’s recommendations. Accent faces pressure following a “strike” against directors’ remuneration at last year’s AGM, and a second strike could trigger a board spill, enabling shareholders to replace directors.

Myers has responded by criticizing Frasers’ approach as primarily negative, noting the lack of a clear alternative strategy from the UK group beyond calls to halt dividend payments. He characterized Frasers’ offer—priced at 65 Australian cents per share and on the table since mid-June—as opportunistic, seeking control without providing a premium to shareholders. Myers further highlighted that Accent paid $29 million in dividends last year while increasing bank borrowings by $74 million to $214 million.

Wooton countered these points, stating Frasers’ opposition to companies borrowing funds to support shareholder dividends. Frasers initially acquired its stake in Accent from investor Brett Blundy in 2024 and secured representation on the Accent board.

Accent’s market value has declined sharply, with a current share price around 65.7 cents—well below the roughly $2 price seen two years ago. The retailer owns brands including Hype, Athlete’s Foot, Platypus, Skechers, Vans, Merrell, Reebok, and Dr. Martens.

In related developments, Frasers has recently achieved majority ownership of German luxury fashion company Hugo Boss following a prolonged stake-building campaign and a €2.7 billion takeover bid earlier this year. The group has also increased its presence in the luxury and sportswear sectors through investments in British brands Burberry and Mulberry, as well as sportswear firms Under Armour and Puma. Frasers also acquired the struggling UK department store chain Harvey Nichols.

Accent’s spokesperson accused Frasers of using aggressive tactics to distract from what it described as an opportunistic bid amid challenging retail market conditions, accusing the suitor of offering an inadequate control premium. The outcome of the November vote will be closely watched as Frasers pursues greater influence over the Australian retailer’s future.