Topshop Billionaire Sir Philip Green Has Invested In Australian Online Retailer MySale

Getty/Robert Cianflone

High street chain store Topshop owner Sir Phillip Green has bought up a 25 per cent stake in online retailer MySale.

The sale site’s owners Carl and Jamie Jackson launched the startup in Australia back in 2007 and still hold a controlling stake in the daily deals site which sells off excess stock at heavily discounted rates using a daily deals platform.

The dollar value of Green’s investment in the site, which is his first online investment, has not been disclosed. In 2010 US based fund Incite Venture partners bought a 27 per cent stake in the company for $14.5 million.

The AFR reports the company has halted an ASX IPO plan which was thought to fetch as much as $500 million as management now prefers strategic investment over an IPO.

There’s more here.

NOW WATCH: Briefing videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.