Fashion retail giant Frasers Group has once again upped its stake in rival conglomerate Boohoo Group, taking its share in the company from 16.5 percent to 17.2 percent.
Mike Ashley’s retail empire had first snapped up a stake in Boohoo during June 2023, and has since continued to up its holding on the group over the course of the year.
At the time of its first stake, Frasers described Boohoo, which also owns Karen Millen, Nasty Gal and Prettylittlething, as “an attractive proposition” for its laser focus on young female consumers.
The company added in a statement: “We see potential synergies and an opportunity to strengthen our own brand proposition in collaboration with Boohoo, most obviously with Frasers Group brands I Saw It First and Missguided.”
Frasers has been rapidly securing smaller or struggling businesses in recent years to expand its vast retail empire, previously acquiring the likes of Missguided, Studio Retail, and I Saw It First, and as well as stakes in Asos, Hugo Boss, Mulberry, and N Brown.
Frasers has since gone on to sell Missguided to Chinese clothing giant Shein for an undisclosed sum.