Australian fashion sales site MySale has acquired Cocosa, a flash sales site, as it prepares to launch in the UK, the Financial Times reported late Monday.
The newspaper said the website, which is backed by retail billionaire Sir Philip Green, acquired Cocosa for an undisclosed amount. (link.reuters.com/med69v)
The FT said the announcement by MySale is expected on Tuesday.
MySale, in which Sir Philip has a 25 per cent stake, has also purchased a database of more than 800,000 customers from Cocosa, the British daily reported.
"The acquisition of Cocosa.com gives us a fabulous foundation to build on as we finalize our plans for our UK launch," Jamie Jackson, MySale founder, told the FT.
Egyptian business tycoon Mohamed Al Fayed bought Cocosa in 2011, and announced winding down the business last October.
The site, which holds up to 60 flash sales a day, offers discounts on fashion, homeware and cosmetics for a short period of time - usually three days - and members are alerted to the sales by email.
MySale, which could not be reached for comment, is also expected to be exploring a London listing, according to the FT.
(Reporting by Aashika Jain in Bangalore; Editing by Diane Craft)