Frasers Group has upped its stake in Boohoo after shares in the fashion retailer fell amid ongoing tensions with Revolution Beauty.
The Mike Ashley-owned group widened its holdings from 5% to 6.7% on Tuesday, building on its “strategic investment” into the fashion retailer.
Frasers – which snapped up the 5% stake last month – explained that Boohoo is an “attractive proposition” due to its “laser focus on young female consumers”.
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The group added: “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.”
Boohoo’s share price slipped on Tuesday after it revealed it had increased its holdings in Revolution Beauty as part of an ongoing boardroom battle with the beauty business.
Shares in the online makeup retailer plummeted after it announced it was being probed by the Financial Conduct Authority (FCA) over potential breached of market abuse dating back two years.
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