Frasers Group has upped its stake in N Brown to 20% as it begins its High Court battle against Morgan Stanley today.
The Mike Ashley controlled group is claiming £43m from the investment bank. It claims Morgan Stanley had acted “arbitrarily” and “incorrectly” by trying to force the retailer to close options positions it had built in Hugo Boss, costing the company millions as a result.
Hugo Boss is just one of the brands Frasers has a holding in.
The group upped its stake in JD Williams, SimplyBe and Jacamo owner N Brown from 19.36% to 20.02%, according to filings on the London Stock Exchange.
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Frasers solidified its position as Boohoo’s largest single shareholder last week as it upped its shareholding once again to 22%.
The group also increased its interest in Boohoo rival Asos for the third time in January to 25.9%.
The retail empire has been steadily building its holdings in both businesses since it first made a “strategic investment” into Boohoo back in June.
While it has not been officially confirmed, Frasers chief executive Michael Murray fuelled takeover speculation late last year when he described the group’s investments into the retailers, as well as Currys and AO, as “mid-flight”.
Murray told The Telegraph last year: “All I can do is talk about how it looks very obvious afterwards.
“[Luxury department store] Flannels was an acquisition, and now it seems normal that Flannels is a part of Frasers Group. And Game, you think: why would you buy 30% of Game? Afterwards, it’s all very obvious.”
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