Boohoo Group’s shares continue to sit at a low price (just over 29p each as of the market open on Wednesday) and despite being rebuffed by the board in his aim to become its CEO, Mike Ashley continues to snap up its shares.

Or at least, Frasers Group, in which self-made billionaire Ashley has a controlling stake does.

Frasers only began buying its Boohoo stake in June 2023 but a stock exchange release late Tuesday said that the group’s stake in Boohoo has now edged up to over 27%, from just over 26% previously. 

The new stake may be less than 1% higher, but it all adds up to Frasers being Boohoo’s biggest individual shareholder, way ahead of Boohoo founder Mahmud Khamani at just under 13% and even further ahead of other major shareholders whose stakes are significant but below 10%.

Boohoo Group had a market value of less than £371 million as of Tuesday and Frasers clearly still sees the shares as a bargain.

The news comes just a couple of days after Ashley — in a rare interview — told The Sunday Times of his bid to be Boohoo CEO that “I am all in. I’m ready to dedicate my time and effort – including basing myself in Manchester as much as I deem required – to turn Boohoo around and deliver value for all shareholders”.

He also said that the “focus here needs to be on urgent and decisive action to sort out the mess that Boohoo is in after suffering serious mismanagement. The resignation of their CEO [John Lyttle] and the announcement of a disastrous refinancing was the final straw”.

Boohoo owns brands such as Boohoo and PrettyLittleThing as well as acquired businesses like Karen Millen and Debenhams, the latter of which Ashley had long coveted and in which he built up a 30% stake before its administration filing and takeover by Boohoo.