Frasers Group increases stake in Boohoo

Frasers Group has upped its holding of shares in Boohoo a month after snapping up an initial stake in the fast fashion giant.

In an announcement to the stock market Wednesday, Frasers Group said it increased its stake in the rival group to 6.78 percent, up from the 5 percent it snapped up in June.

Boohoo has seen its share price fall sharply in recent weeks amid an ongoing feud with Revolution Beauty, of which it is a majority stakeholder.

Frasers Group, which owns brands Sports Direct, House of Fraser, and Jack Wills, has a habit of snapping up shares in troubled companies.

In recent months it has upped its stake in British fashion retailers Asos and N Brown.