Frasers Group further ups stake in Boohoo
Frasers has been raising its stake in Boohoo. (REUTERS/Dado Ruvic/File Photo)
RETAIL major Frasers Group has continued to up its stake in Boohoo, taking its total shareholding in the Manchester-based rival to 10.42 per cent.
On July 31, Frasers revealed that its shareholding in Boohoo had gone up from 6.8 per cent to 7.8 per cent.
The Mike Ashley-founded company said at the time that Boohoo, which owns Karen Millen, Nasty Gal and Prettylittlething was “an attractive proposition” with its laser focus on young female consumers.
Frasers, which owns the Sports Direct brand and which has both physical and online stores, has been diversifying its portfolio as it also bought shares in companies including Currys, AO and Asos.
It said 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.”
It comes after Boohoo Group, established by Indian-origin entrepreneur Mahmud Kamani and Carol Kane, increased its ownership in the cosmetics firm Revolution Beauty from 27.1 per cent from 26.4 per cent.
In the past two weeks, Boohoo share prices shot up from close to 33p to around 39p before declining 3.28 per cent on Monday (4) to 36.57p.