Frasers Group has unveiled further “strategic investments” in both Boohoo and Currys.
The group, owned by retail titan Mike Ashley, has acquired a 9% stake in electrical retailer Currys and a 5% stake in online retailer Boohoo, claiming that the strategic investments “is a core part of Frasers’ DNA”.
Commenting on the acquisition, Frasers said: “Our investment in Currys provides us with a valuable opportunity to build on our foothold in the electricals industry as well as deepening the existing relationship between Currys and Studio, with the potential for further collaboration between the two.
“Through this investment, we also believe Currys will benefit from Frasers’s deep retail know-how and our sector-leading ecosystem.”
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The company added: “‘Boohoo 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.”
It also increased its stake in struggling retailer Asos to 10.6% from 9.9%.
The company continued: “Under Michael Murray’s leadership, we continue to build on our long track record of establishing supportive shareholder positions in attractive retail companies.
“We have a clear strategy to identify opportunities to invest in businesses which complement our existing sport, premium and luxury businesses, or help us to build and further utilise our sector-leading ecosystem.”