OrotonGroup invests 4.5 million in accessories brand The Daily Edited

OrotonGroup (ASX:ORL) has announced the investment of 4.5 million Australian dollars in an online lifestyle accessory business, as part of a strategic partnership.

As part of the deal Oroton will buy 30 percent of The Daily Edited (TDE) with a combination of cash and OrotonGroup shares, informed Australian trade media Monday.

The fashion retailer said the investment will be immediately accretive with double digit earnings per share forecast for the 2018 financial year. Oroton will also have the opportunity to raise interest its stake in The Daily Edited (TDE) to a majority holding in future periods.

The Daily Edition on its end has confirmed it is on track to achieve 19 million Australian dollars in sales by the end of the current financial year.