Mike Ashley’s Frasers Group has increased its stake in fashion firm Boohoo, just a month after performing a similar move.
Frasers, the owner of Flannels and Sports Direct, boosted its stake in the fast fashion brand to 9.1 per cent from 7.8 per cent, meaning it now owns 115.4million shares.
The group previously increased its holding in the online retailer, from 6.78 per cent to 7.8 per cent, in late July.
Frasers, the owner of Flannels and Sports Direct, boosted its stake in the fast fashion brand to 9.1 per cent from 7.8 per cent
Frasers, which is run by Ashley’s son-in-law Michael Murray, first snapped up a holding in Boohoo in mid-June.
Boohoo was an appealing proposition owing to its ‘laser focus on young female consumers’, Frasers said at the time.
Murray said that the ‘strategic’ investments were ‘supportive shareholder positions’.
In the last few months, Frasers has been on a buying spree, upping its stake twice in Boohoo rival Asos to a near-10 per cent and acquiring an 18.9 per cent stake in AO World.
The investment that was announced in June was worth £75million with shares at the time worth 68 pence, equivalent to 18.9 per cent of the business.
Speaking on the deal in June, Murray said the deal would enable the firm to boost growth in its bulk equipment and homeware ranges.
Frasers shares were up 1.44 per cent to 808p in early afternoon trading on Thursday and Boohoo was up 5.1 per cent to 34.85p
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