Frasers Group PLC (LSE:FRAS) shows no signs of slowing down its stakebuilding, also acquiring a slice of online fashion retailer Boohoo Group PLC (AIM:BOO) after purchases of Currys and AO World.
Mike Ashley’s firm, which owns Sports Direct and has a stake in Asos, bought a 5% share in Boohoo, making it one of the largest shareholders in the Manchester-based retailer, according to its website.
A statement released by Frasers, which also purchased a stake in electricals retailer Currys, said “driving growth through strategic investments is a part of Frasers’ DNA.”
“Boohoo is an attractive proposition to us with its laser focus on young female consumers. We see potential synergies and an opportunity to strengthen our brand proposition in collaboration with Boohoo,” the statement said.
Frasers announced it bought a 9% stake in Currys earlier today, following recently increasing its stake to above 10% in Boohoo rival Asos, and a 21.3% stake in AO World.