Frasers Group increases N Brown stake again, is now biggest Boohoo shareholder

Frasers Group continues to flex its financial muscle in early 2024. The fast-expanding retail group has now upped its stakes in both online fashion/lifestyle business N Brown and digital fashion retailer Boohoo.

Frasers’ stake in N Brown has inched up to 20.2% from 19.36% and it now holds 92.8 million shares in the group worth £16.1 million, based on Friday’s closing price of 17.33p.

Although Mike Ashely handed over control of the Frasers Group to CEO Michael Murray last summer, and was officially appointed as a consultant to the fast-growing business, his name appears on the London Stock Exchange form for the latest N Brown shares purchase as ‘Ultimate Controlling Person’ because he’s the majority shareholder of Frasers.

Meanwhile, Frasers has also consolidated its position as the largest single shareholder in Boohoo as London Stock Exchange market filings reveal its stake has increased to 22%. Frasers Group now own a stake almost double that of Boohoo co-founder Mahmud Kamani.

Last year it also continued its stake-building in ASOS to own a big chunk of the digital fashion giant, consolidating its position as one of its biggest shareholders.

Frasers Group has been on an acquisition spending spree in the last couple of years that also includes interest in an array of fashion brands, retail parks, shopping centres and major high street locations.

Its most recent purchase fitness group CrossFit and WIT Fitness last month for an undisclosed sum and in December it bought premium menswear retailer John Anthony, again for an unspecified sum.

However, it’s not all been buy, buy, buy with Frasers Group selling its digital fashion retailer Missguided to Shein in October.