Frasers Group has raised its stake in Boohoo once again, taking a near 10% holding in the online retailer.

Mike Ashley’s empire increased its shares in the fashion etailer from 7.8% to 9.1% on Tuesday.

Frasers previously described its stake in Boohoo as aligning with its strategy of building “supportive” positions in “attractive” companies.

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The group said the retailer is an “attractive proposition” due to its “laser focus on young female consumers”.

“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,” it added.

The growing retail empire topped up its stake in Asos on Friday, increasing its holding from 18% to 19.3%.

The news comes as Frasers Group has seen profits nearly double for the year ending April 30, with revenues driven by acquisitions made throughout the year.

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