In a strategic move, Mike Ashley's Frasers Group has reportedly surpassed Boohoo's founder, Mahmud Kamani, to become the largest single shareholder in the fast-fashion retail giant, according to reports.
Recent regulatory filings revealed that the Frasers Group had increased its stake in Boohoo to 13.4%, following a series of share purchases over recent months. Previously, it was disclosed in June that Frasers Group had acquired an initial 5% stake in Boohoo. With this latest purchase, Frasers now holds the highest individual stake in Boohoo, surpassing Mahmud Kamani, who maintains a 12.5% stake.
When considering the Kamani family's holdings and Boohoo co-founder Carol Kane's shares, their combined stake totals approximately 25%, giving them a larger share portion, according to the report.
This move comes amid a longstanding rivalry between Ashley and Kamani, both self-made millionaires who have consistently sought to expand their business empires through strategic acquisitions.