Clothing retailer Accent Group has said it is under investigation by ASIC and has downgraded its half-year earnings guidance, with shares falling 13.4%.
ASIC is investigating Accent for potential insider trading of the company’s shares between 23 May and 10 June 2025. Accent’s brands include The Athlete’s Foot, Platypus, and Glue Store.
“The Company has received notices from ASIC requiring it to provide all reasonable assistance (including the production of documents) in connection with an ASIC investigation,” wrote Accent in an ASX announcement.
No charges have been filed and there are no specific allegations against Accent, the company said. “The Company has cooperated with ASIC and intends to continue to do so.”
According to Accent, ASIC has told the company to preserve communications from CEO Daniel Agostinelli, non-executive director Michael Hapgood, and another senior employee.
Accent said Agostinelli’s on-market share sales were pre-approved by the company’s then-chair David Gordon, and that Agostinelli has the board’s support as CEO. Hapgood has denied trading in Accent’s shares during the investigated time period.
Accent also lowered its earnings forecast for fiscal 2026’s second half. It now projects EBIT of A$23-28 million, down from the $30-35 million guidance it issued in February.
“Following the escalation in geopolitical tensions in late March, which contributed to higher fuel prices and a significant deterioration in consumer confidence, both sales and gross margin were adversely impacted during April,” it wrote.
Shares in Accent (ASX: AX1) were trading 13.4% lower at $0.54 by 3:15 pm AEST (5:15 am GMT). Its market capitalisation is $321.63 million.
