Frasers Group ups stake in Boohoo
Boohoo Group chairman Mahmud Kamani (Photo: Jerritt Clark/Getty Images)
FRASERS GROUP has again raised its stake in Boohoo, saying the Manchester-based online fashion retailer is an “attractive proposition”.
A filing to the London Stock Exchange revealed on Monday (31) that Frasers’s shareholding in Boohoo went up by a percentage point from 6.8 per cent to 7.8 per cent. It was worth £39 million on Friday (28) when Boohoo closed at 39.37p on the exchange, Market Watch reported.
Last week, Frasers said it had increased its stake in Boohoo from five per cent to 6.7 per cent.
It also purchased shares in firms including Currys, AO and Asos recently as the company promoted by Mike Ashley has diversified its portfolio.
Frasers, which owns the Sports Direct brand and which has both physical and online stores, said its investment in Boohoo was driven by its “laser focus on young female consumers”.
It comes after Boohoo, founded by Indian-origin entrepreneur Mahmud Kamani and Carol Kane, raised its stake in cosmetics company Revolution Beauty from 27.1 per cent stake from 26.4 per cent.
Following a settlement deal with Boohoo reported last month, Revolution CEO Bob Holt and chairman Derek Zissman agreed to step down.