Mike Ashley’s Frasers Group has become Boohoo’s largest shareholder after raising its stake in the Manchester ecommerce giant again.
Frasers Group – which owns Sports Direct, Flannels and House of Fraser – has increased its holding in the online fashion retailer from 10.4 per cent to 13.4 per cent, according to a regulatory filing.
That made it Boohoo’s largest shareholder ahead of founder Mahmud Kamani, who holds a 12.5 per cent stake. Frasers is run by Ashley’s son-in-law Michael Murray, who took over last year.
The group first bought a stake in Boohoo in June, taking a five per cent holding, and it has increased this several times over the summer.
Frasers has been increasing its investments in several ecommerce-led companies in recent months, including building a 10 per cent stake in Boohoo rival ASOS, over 18 per cent of Manchester fashion etailer N Brown and acquiring an 18.9 per cent stake in AO World, later hiked to 22 per cent, making it the largest shareholder.
Ashley’s retail empire, which he built from a single sports store in Maidenhead, also includes Jack Wills, Evans Cycles and menswear retailer Gieves & Hawkes.
His latest buy-in followed Boohoo shares sinking after it announced a half-year loss and reigned in sales and profits forecasts.
