Frasers Group ups stake in Boohoo

Frasers Group has upped its stake in Boohoo as it continues to build on its investment into the online retailer.

The owner of Sports Direct, Flannels and House of Fraser has increased its holding in Boohoo from 10.4% to 13.4%.

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

"Boohoo is an attractive proposition to us with its laser focus on young female consumers," Frasers said.

"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."

Frasers Group is known for holding strategic stakes in other businesses, such as ASOS, and also currently holds shares in Hugo Boss and Mulberry.

It also revealed in June that it had built up a 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.