Frasers Group has increased its stake in Boohoo once again as it continues to build on its “strategic investment” into the fashion retailer.

Mike Ashley’s empire upped its shares in the retailer from 10.4% to 13.4% on Tuesday

Frasers Group previously described the etailer as an “attractive proposition” due to its “laser focus on young female consumers”.

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“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.

Boohoo’s share price plummeted at the beginning of the week after the retailer cut its annual turnover and profit expectations.

Sales plunged 17% to £729.1m in the six months to August 31, with a 12% – 17% drop forecast for the year to end February 2024.

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