Frasers Group increases Boohoo stake to over 10%
Mike Ashley’s Frasers Group has upped its stake in online clothing retailer Boohoo twice in just two days.
The Sports Direct and Flannels owner’s investment in the retailer has now increased to 10.4%. This comes a day after the retail group increased its stake in Boohoo to 9.1%, up from 7.8%.
In June, the group took an initial 5% stake in Boohoo, stating that driving growth through strategic investments is a “core part of its DNA”. It has since continued to increase its investment.
Frasers Group has previously described Boohoo as an “attractive proposition”.
At the time of the original investment, the group said it sees potential synergies between Boohoo and its other brands including I Saw It First and Missguided.
The investment is characteristic of a group which over recent times has made large numbers of acquisitions, including with a £75m investment in electrical retailer AO World and an increase in its stake in Boohoo rival ASOS. It has also been involved in a number of retail asset acquisitions over recent months.