An Australian billionaire just bought a $60 million stake in the owner of Athlete’s Foot

Mark Kolbe/Getty Images

Billionaire Brett Blundy is now the biggest shareholder of Athlete’s Foot owner RCG Corporation Limited.

He acquired another 64 million shares in RCG, about 11.82% of the company, at $0.95 each, for a total of $60.8 million.

A short time ago, the shares were trading at $0.87, up more than 10%.

Blundy, who is chair of BB Retail Capital, or interests associated to him now hold 14.4% of RCG’s issued shares.

The shoe retailing company has 400 stores and 10 retail banners including Skechers, Vans and Doc Martens.

Blundy bought the shares from RCG directors, Craig Thompson and Michael Hapgood, and William Duell, all of whom were vendors of Accent, the owner of Platypus Shoes, to RCG in 2015.

The board directors welcomed Blundy’s increased investment in RCG.

“Mr Blundy has a strong industry reputation and a track record in global retail expansion,” the board said.

In August, RCG posted a 2.6% drop in full year after tax profit to $29.16 million.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at