Frasers Group continues to boost holdings in online fashion by upping stake in Boohoo to 9.1%

Frasers Group has upped its stake in fashion group Boohoo in the latest move to boost its holdings in online retail players.

The move comes days after it once again increased its shareholding in ASOS to nearly 20%.

Frasers, which owns Sports Direct, House of Fraser and Flannels among others, has now increased its holding in Boohoo to 9.1% from 7.8%, meaning it now owns 115.4 million of its shares, worth around £38.3 million.

Frasers first snapped up a stake in Boohoo in June, initially taking a 5% holding, saying at the time that it hoped the move would lead to collaborations between the fashion group and its existing brands I Saw It First and Missguided.

It said in June: “Boohoo is an attractive proposition to us with its laser focus on young female consumers.

“We see potential synergies and an opportunity to strengthen our own brand proposition in collaboration with Boohoo, most obviously with Frasers Group brands I Saw It First and Missguided.”

It began buying shares in ASOS last autumn and has been steadily building up its shareholding to the point where it is now its second largest shareholder. The threshold for making a formal takeover bid is 30% but it's not known what Frasers long-term goal is for ASOS.

The group is known for holding strategic stakes in other business and currently holds shares in Hugo Boss and Mulberry. It also revealed in June that it had built up an 8.9% stake in electrical retailer Currys, adding to its holding in online electrical firm AO World.

In the past it held significant stakes in both Debenhams and French Connection.