Frasers Group ups stake in Boohoo, again

Just days after its last boost, Frasers Group has once again upped its stake in fast fashion conglomerate Boohoo, increasing its holding from 6.78 percent to just over 7.8 percent.

Frasers first snapped up a stake in the Manchester-headquartered company in mid-June, securing a 5 percent holding that made it one of the group’s major shareholders.

In an announcement at the time, Frasers described its rival Boohoo as “an attractive proposition to us with its laser focus on young female consumers”.

It added that it saw an opportunity to strengthen its own brand proposition alongside its other owned retailers, I Saw It First and Missguided, both of which it had acquired earlier this year.

Frasers most recently increased its stake in Boohoo last week, upping its holding from its initial 5 percent to 6.78 percent.

It came after Boohoo’s share price took a sharp fall in recent weeks amid an ongoing feud with Revolution Beauty, of which it is a majority stakeholder.

Frasers Group, which owns brands Sports Direct, House of Fraser, and Jack Wills, has a habit of snapping up shares in troubled companies.

In recent months it has upped its stake in British fashion retailers Asos and N Brown.