An Australian clothing and footwear chain has rejected a £166million bid from Mike Ashley's Frasers Group.

Melbourne-based group Accent told shareholders to dismiss the offer, dubbing it ‘highly opportunistic’.

Frasers, which already owns a 22.9 per cent stake in Accent, made an offer for the rest of the business earlier this month.

But Accent said the proposal was ‘opportunistically timed during a period of cyclical weakness in the discretionary consumer retail sector.’

It said the offer price was ‘materially inadequate’ and does not reflect its potential for growth.

Accent’s shares have dived 22 per cent over the past six months as the war in the Middle East weighs on shopper confidence.

The company owns exclusive distribution rights for Dr Martens across New Zealand and Australia, where it runs more than 800 shops.

It also has the exclusive rights to sell other brands in the region including Vans, Hoka, Ugg and Timberland.

Frasers, which is majority owned by Ashley and owns Sports Direct, House of Fraser, and Game, first bought a stake in Accent in 2024 and has gradually upped its holding.

Frasers has embarked on a dealmaking spree this summer, including a £1.73billion offer to buy the rest of German fashion brand Hugo Boss, of which it already owns just over a quarter.

Hugo Boss said it would consider the proposal.