Mike Ashley’s Frasers Group PLC (LSE:FRAS) has once again upped its holding in online fashion retailer Boohoo Group PLC (AIM:BOO).
Boosting its stake from 15.1% to 16.5%, the move marks the latest in a long string of acquisitions by Frasers into retail brands.
The group, which owns Sports Direct and House of Fraser, held just 7.8% of Boohoo’s issued shares in late August. Its holding has since jumped through several purchases of ordinary shares in Boohoo, which reported a decline in profits for the half year earlier this month, alongside a slip into an adjusted loss.
Ashley’s firm has also recently lifted its stake in ASOS PLC from 19.6% to 22.7%, while also delving further into the sports retail market through an agreement to buy German firm SportScheck.
According to interactive investor analyst Richard Hunter, Boohoo’s “depressed” share price, which has dropped almost 40% over the last six months, coupled with prospects for a recovery, could have tempted Frasers so far.