Mike Ashley’s Frasers Group raises Boohoo stake to 15 per cent
Mike Ashley backed Frasers Group has once again raised its stake in online fashion brand Boohoo.
The Sports Direct owner upped its share in the group from 13.4 per cent to 15.1 per cent.
The fashion powerhouse, which also owns Jack Wills, has been rapidly increasing its stake in the popular clothing site.
At the start of this month, Frasers hiked its stake from 10.4 per cent to over 13 per cent, following a series of rises made in the summer.
It comes as Ashley -who is notorious for building stakes in business – spent the summer increasing his share in the brand.
Frasers also has a near 17 per cent stake in Asos and 18 per cent stake in AO World
Chief of Frasers, Michael Murray, previously described Boohoo as an “attractive” company thanks to its “laser focus on young female consumers”.
The Debenhams owner has embarked on a turnaround plan to rebuild revenues after the cost of living crisis and return to physical stores hit earnings.
Boohoo chief, John Lytlle said this month it has been rolling out a ‘back to growth’ strategy and said it is aware of £125m of cost savings across its goods and supply chain.
The fast fashion giant Boohoo’s said its revenues fell by 17 per cent in the six months to August to £729m, and warned of further sales falls in the year ahead.