admin Just hours after once again increasing its holding on Boohoo, Frasers Group has continued to up its stake in the fast fashion group, taking its shares of the company to 10 percent.
The British retail giant had first snapped up a stake in Boohoo during June 2023, when it had also secured a 9 percent stake in electrical giant Currys as part of its efforts to build up a footprint in the electronics industry.
Since then, Frasers has continued to up its hold on the fashion rival, having previously taken its shares from 7.8 percent to 9.1 percent earlier in July.
At the time of its first stake, Frasers described Boohoo, which also owns Karen Millen, Nasty Gal and Prettylittlething, as “an attractive proposition” with 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.”
Rivals Frasers and Boohoo have been rapidly securing smaller or struggling businesses in recent years in a bid to expand their vast retail empires.
Frasers, which owns brands Sports Direct, House of Fraser, and Jack Wills, among others, reached an agreement in December to buy 15 brands from sportswear giant JD in a deal worth 47.5 million pounds.
It also this year acquired Missguided, Studio Retail, and I Saw It First, and has snapped up stakes in the likes of Asos, Hugo Boss, Mulberry, and N Brown.
