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Frasers Group ups stake in Boohoo

Online fashion giant Boohoo

Frasers Group has again increased its stake in fast-fashion retailer Boohoo.

The group, which owns Sports Direct, House of Fraser and Flannels, among others, has upped its stake to 7.8 per cent from 6.8 per cent. It first invested in Boohoo when it bought around a five per cent stake for £22m in June.

The news comes as it was reported Frasers Group is to place over 100 jobs at the risk of redundancies at its Manchester-based office and merge its Studio Retail, I Saw It First and Missguided brands in a bid to cut costs and streamline the business.

Last month, Frasers said the ecommerce giant “is an attractive proposition to us with 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.”

The move comes as Boohoo once again raised its stake in Revolution Beauty, despite its recent bitter public feud with the makeup etailer.

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