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

The Mike Ashley controlled group which owns Sports Direct and House of Fraser, now owns 15.1% of the online fast fashion business, increasing its stake from 13.4%.

Just last week, Frasers increased its holding from 10.4% to 13.4%, while in September, it raised its holding to 9.1%.

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Frasers has been on an acquisition spree throughout 2023 picking up stakes in electricals giant Curry’s, its online counterpart AO World and boohoo’s rival Asos.

Last week Boohoo’s share price plummeted 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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