Mike Ashely’s Frasers Group raises stake in Boohoo to 22 per cent

Mike Ashely’s Frasers Group has upped its stake in Boohoo again, taking it from 17 per cent to over 22 per cent.

Shares in the fast fashion firm leaped over three per cent this morning as investors responded positively to the news.

Frasers, formerly called Sports Direct, said over the summer its purchase of Boohoo shares was consistent with its strategy of building “supportive” positions in “attractive” companies.

The fashion powerhouse has slowly been building a presence in a host of retailers including Currys and Asos.

Just last week, the firm now fronted by Ashely’s son in law Michael Murray, became Asos’s second largest shareholder upping its stake to over 24 per cent.

The group said before Christmas it was on track to hit profit guidance of £500m-£500m.

However, Murray did warn that the firm’s luxury and premium segment – largely based around the Flannels brand – was being hit by cost of living pressures.