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Mike Ashley’s Frasers Group has announced it has made a “strategic investment” in both Boohoo and Currys.
In an announcement to shareholders it said driving growth through strategic investments is a “core part” of Frasers’ DNA and as such has acquired a 5% stake in Boohoo and 5% in Currys.
Frasers said that under CEO Michael Murray’s leadership, it continues to build on its “long track record” of establishing supportive shareholder positions in attractive retail companies.
It added it has a clear strategy to identify opportunities to invest in businesses which complement its existing sport, premium and luxury businesses, or help it to build and further utilise its “sector-leading ecosystem”.
Frasers said: “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 Boo Hoo, most obviously with Frasers Group brands I Saw It First and Missguided.
“Our investment in Currys provides us with a valuable opportunity to build on our foothold in the electricals industry as well as deepening the existing relationship between Currys and Studio, with the potential for further collaboration between the two. Through this investment, we also believe Currys will benefit from Frasers’ deep retail know-how and our sector-leading ecosystem.”
