Frasers Group has increased its stake in Boohoo for the seventh time this year.

The company first announced it was acquiring a stake in the business in June, when it had a five per cent holding.

The retail giant, which owns Sports Direct and House of Fraser, now has a 16.5 per cent take in the business – up from the previous 15.1 per cent announced earlier this month.

Boohoo recently said that it had recorded a profit decline of 9.1 per cent in the first half of the year compared to an increase of 6.2 per cent last year.

Revenue was down by 17 per cent to £729.1 million over the six-month period compared to the previous year, with the online fast fashion brand saying this was largely driven by its strategy to target more profitable sales and slower recovery of demand than anticipated.

At the time, Boohoo chief executive John Lyttle said that the company had identified over £125 million worth of annualised cost savings.

Last week Frasers Group announced an agreement to buy German sports retailer SportScheck.

The company said the move would enable it to grow its presence in Germany.

SportScheck currently has 34 stores in city locations across the country, with revenue of around €350 million.

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