Online group MySale which is backed by Sir Philip Green and Mike Ashley has sold their British website Cocosa.co.uk for £1.5m to BrandAlley fashion retailer.
The members only shopping platform will be completed on 9 May.
Retail analyst Nick Bubb said, “The beleaguered Philip Green has much bigger things to worry about than the fate of his investment in the struggling Australian-based online retailer MySale, but it’s worth noting that back in 2014 at the time of the IPO MySale was bullish about its UK growth prospects.
“Today, however, MySale has announced that it has sold its main UK asset.”
Chief executive Carl Jackson said, “This disposal represents a key step in accelerating our Australia New Zealand First strategy, which looks to optimise our scale, resources and market position in the region.
“With this more streamlined and focused approach, we can provide an improved offering for both our customers and brand partners.”