Frasers ups stake in Boohoo to 23.1%
The group had previously stated that Boohoo aligned with its strategy of building ‘supportive positions in attractive companies’
Mike Ashley’s Frasers Group has upped its stake in Boohoo to 23.1% as it continues investing in a number of UK fashion retailers.
It has upped its stake from 16.5% and now holds 293,028,671 voting rights in the company.
The news comes after it was reportedly revealed that the group is closing on a deal to become the new partner of struggling retailer Ted Baker.
Reports said the group is set to be named as the preferred partner for Ted Baker following the collapse of its existing UK licensing partner No Ordinary Designer Label (NODL).
Frasers first purchased a 5% stake in Boohoo back in June 2023 and has repeatedly increased its holding in the company over the following months.
The group recently also reached an agreement with the administrators of Matches Fashion to acquire certain intellectual property for an undisclosed sum.
Under the terms of the transaction Frasers Group has granted a licence to the administrators that allows them to sell stock owned by Matches.
All the stock owned by Matches is not part of the transaction and the administrators are still managing the operations of the business.
