The hugely successful Mysale, an Australian online retailer which is backed by the British retail magnate, Sir Philip Green, is to continue its expansion into Europe and has secured a 60 per cent stake in the Danish online retailer,

Mysale was set up in 2007 in Sydney, Australia by British born brothers Carl and Jamie Jackson. It currently operates in 10 countries and has 13.5 million registered users and 850, 000 active users. The business is based on flash sales, which means that it does not hold inventory and the items are only listed for a short period of time, allowing customers just a small time window, typically 72 hours, in which to purchase discounted brands. The site offers up to 60 ‘flash sales’ a day.

Mysale was listed on the UK’s AIM market in June this year, and the shares faced a shaky start when an error in the listing triggered a slump in their share price. The share price quickly recovered but fell again when full-year results were announced in September, although these were described as being ‘in line with expectations’. Revenues are up 23.3 per cent to A$224.3m delivering a pre-tax profit of A$60.4m, a 10% increase from 2013. Mobile transactions now account for 56 per cent of total sales.