Frasers Group ups its stake in Boohoo

Frasers Group has upped its stake in Boohoo Group and now holds almost 7% of the online fashion giant's stock.

Retail group Frasers, which owns House of Fraser, Flannels and Sports Direct among others, first revealed it had taken a 5% stake in Boohoo Group last month. Today it further increased its interest to almost 6.8%.

Frasers likes to hold what it calls 'strategic stakes' in fashion brands and its move to acquire a stake in Boohoo follows on from its purchase of a 10.6% stake in ASOS.

The purchase of the stake comes as Boohoo Group itself is building up a stake in troubled beauty business Revolution Beauty, in which it now holds a 27% stake.

As well as ASOS and Boohoo, Frasers holds shares in luxury brands Mulberry and Hugo Boss and previously held stakes in Debenhams and French Connection.

Outside of fashion, Frasers also recently acquired a stake in electrical retailer Currys.