** Shares of Accent Group AX1.AX rise 3% to A$1.87 to hit their highest levels since March 11
** The footwear co to launch and operate the Sports Direct retail business in Australia and New Zealand
** Co enters long-term strategic relationship with sports items retailer Frasers Group FRAS.L
** Says Frasers to increase their stake in co to 19.57%
** Stock down ~20% this year, including the day's move
(Reporting by John Biju in Bengaluru)
((John.Biju@thomsonreuters.com;))
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