Mike Ashley’s Frasers carves out 9.1 per cent stake in Boohoo as share price rises
Mike Ashley’s Frasers Group has raised his stake in fast fashion firm Boohoo from 7.9 per cent to 9.1 per cent.
The retail powerhouse, which owns Sports Direct and Frasers, had previously carved out a smaller stake in the company earlier this summer.
The company previously said the move with Boohoo could lead to collaborations between the fashion brand and Missguided, which Frasers owns.
The business, which is majority owned by retail tycoon Mike Ashley, has built up a number of stakes in other popular retailers such as electrical retailer Currys and Asos.
Boohoo share price rose 1.03 per cent this morning following the news.
The fast fashion firm has been hindered in recent months by customers scaling back on spending due to the cost of living crisis.
Pre-tax profits for the group halved during the 12 month period ended 28 February 2023 to £63.3m, down 49 per cent, with revenues dropping 11 per cent to £1.77bn.
Boohoo, which own PrettyLittleThing and Nasty Gal, reported bumper profits during the pandemic, as customers flocked to buy online and high street shops shut.