Mike Ashley’s Frasers Group increases its stake in fast fashion firm Boohoo to 7.8%

Mike Ashley’s retail empire has once more increased its slice of Boohoo. 

Frasers, the owner of Flannels and Sports Direct, boosted its stake in the fast fashion brand from 6.78 per cent to just over 7.8 per cent yesterday. 

The group previously increased its holding in the online retailer, from 5 per cent to 6.78 per cent, last week. 

Holding: Frasers Group has boosted its stake in Boohoo – which counts Paris Hilton (pictured) as an ambassador – from 6.78% to just over 7.8%

Frasers, which is run by Ashley’s son-in-law Michael Murray, first snapped up a holding in Boohoo in mid June. 

Boohoo was an appealing proposition owing to its ‘laser focus on young female consumers’, Frasers said at the time. 

Ashley, Frasers’ founder and largest shareholder, has garnered a reputation for snapping up distressed High Street businesses. 

And Murray last week said investments in other brands are ‘part of our DNA’.