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Mike Ashley's Frasers discloses 9% stake in Currys

Reuters
·1-min read
FILE PHOTO: A Currys store is seen in London

LONDON (Reuters) - British sportswear and fashion retailer Frasers has acquired an 8.9% stake in electricals retailer Currys, regulatory filings showed on Monday, a week after it forged a strategic partnership with its online rival AO World.

Last Monday, Frasers, formerly called Sports Direct and majority owned by Mike Ashley, disclosed an 18.9% stake in AO and said the partnership deal would allow it to benefit from AO's know-how in electricals and delivery.

Later in the week Frasers increased its AO holding to 21.3%, becoming its biggest shareholder.

Frasers has a long history of making strategic investments to develop relationships and partnerships with other retailers, suppliers and brands.

A spokesperson for Currys declined to comment, while a spokesperson for Frasers was not immediately available for comment.

(Reporting by James Davey; Editing by Susan Fenton)