Frasers has increased its stake in Boohoo once again as its builds on its “strategic investment” into the fashion retailer.

Mike Ashley’s empire upped its shares in the retailer from 9.1% to 10.4% on Thursday.

The growing retail giant widened its stake in Boohoo earlier this week, expanding its 7.8% holding.

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Frasers previously described the etailer as 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 said.

Frasers also topped its stake in Asos today, increasing its holding from 19.3% to 19.8%.

The news comes as the retail group has seen profits nearly double for the year ending April 30, with turnover driven by acquisitions made throughout the year.

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