Boohoo Group PLC (AIM:BOO) shares have risen a further 7.1%, following gains on Thursday, after Frasers Group PLC, the Mike Ashley-controlled owner of Sports Direct, increased its stake in the online fast-fashion retailer to more than 10%.
Frasers now owns 10.4% of Boohoo, with the news coming a day after the retailer disclosed it had raised its stake to 9.1% from 7.8% before.
Frasers has been picking up shares in a number of other UK retail names this year, including Asos PLC and electronics retailers Currys PLC (LSE:CURY) and AO World PLC (LSE:AO.).
Russ Mould at AJ Bell on Thursday said: "Mike Ashley-founded Frasers has developed a reputation for being a vulture – picking at the bones of businesses when they are down."
Asos is also on the move with shares up 3.0%. Frasers holds a stake of around 19% in the retailer.