Accent Director Steps Down as Takeover and ASIC Scrutiny Continue
Synopsis
The footwear retailer is managing a hostile takeover bid and regulatory investigation following the resignation of long-serving director Michael Hapgood.
Former Accent Group long-term board member and founding director, Michael Hapgood, will step down from the footwear company as its director on August 21, adding to an array of events in the takeover story and the firm’s ongoing regulatory probe.
The footwear firm said Hapgood will be stepping down for personal reasons, and his departure will not affect the board’s unanimous recommendation for shareholders to reject the A$0.65-a-share takeover bid from Frasers Group.
The resignation comes in the midst of Accent's struggle to reject an unsolicited proposal from UK retail group Frasers Group, which has a stake of 22.9% of Accent and also seeks to acquire remaining shares in an on-market offer set to expire on 30 July unless extended or retracted, in line with Australian takeover legislation.
Board exit comes during active corporate developments
Hapgood has a strong association with Accent Group for decades and was on its board since going public on the ASX in 2015, his departure adds to recent heightened activity from the retailer, which has been linked to multiple takeovers and regulatory scrutiny involving senior executives connected to the company.
The firm recently announced that it will launch an investigation into alleged violations of securities trading law related to share transactions from May 23 to June 10, 2025, that are likely to be reported to the Australian Securities and Investments Commission (ASIC) for further examination.
ASIC has sent notice to three individuals, including Hapgood, its chief executive, Daniel Agostinelli, and another employee, while the firm states that there are no allegations or charges against Accent Group.
Retail business maintains guidance and board position
Accent Group claims that Hapgood's departure will not influence the operation or recommendation of its Independent Board Committee, which is urging shareholders not to participate in the Frasers offer.
The retailer operates more than 900 stores across Australia and New Zealand and more than 30 brands of shoes and lifestyles, including Platypus, Hype DC, The Athlete’s Foot, Skechers and Stylerunner.
The firm has adjusted its profit outlook, projecting an EBIT of A$79.5 to A$84.5 million in FY26 in its most recent market announcement.
Comparable retail sales for the first 18 weeks of the second half increased 7.1% over the previous year, after experiencing 1% year-on-year growth through June.
In 2026, retail sales growth has slowed due to consumer frugality with non-essential purchases, according to the Australian Bureau of Statistics. As a result, listed retailers have been under scrutiny, particularly those involved in corporate transactions and governance changes.
Changes in the boardroom for Accent Group coincide with pressure on its retail and consumer sector caused by declining discretionary spending among investors both in Australia and internationally, including in the United States, where it is experiencing similar pressures.
Source: Capital Brief
Pooja Malik is a business journalist with over six years of experience covering startups, entrepreneurship, and emerging trends. She has previously worked with leading media platforms such as YourStory Media and BW BusinessWorld, where she reported on business, policy, and market developments. Currently, she serves as Editor at The Inspirepreneur Magazine, where she writes and edits stories across business, lifestyle, and travel, with a focus on clarity, accuracy, and reader relevance.
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