Frasers Group ups stake in N Brown

Frasers Group has upped its stake in N Brown Group once again, as it begins its High Court battle against Morgan Stanley.

The owner of Sports Direct and Flannels has increased its shareholding in N Brown to 20%, up from 19.3% previously.

N Brown is just one of a number of businesses that Frasers has been investing in as the group expands its retail empire.

It solidified its position as Boohoo’s largest single shareholder last week, upping its shareholding once again to 22%.

The group also increased its interest in Boohoo rival ASOS in January and currently holds shares in Hugo Boss and Mulberry, amongst other companies.

Frasers, majority owned by Mike Ashley, said last year that investments are "a core part" of the company’s DNA.

The trading update comes as Frasers Group begins its High Court battle against Morgan Stanley.

It claims Morgan Stanley had acted "arbitrarily" and "incorrectly" by trying to force the retailer to close options positions it had built in Hugo Boss, costing the group millions as a result.