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In a bourse update, Frasers Group, the owner of brands including House of Fraser, Sports Direct and Flannels, revealed it had taken a 4.54% stake in N Brown.

Frasers Group is currently in the running to acquire Australian fashion marketplace MySale.

Toward the end of last month the Missguided owner made a bid to acquire MySale for 2 pence per share, days after the latter’s shareholders were urged to reject a takeover bid on the basis it was unfairly valued.

Frasers Group said the move would allow it to increase its presence in Australia and New Zealand faster than it would via organic growth as it embarks on a bid to grow its business outside the UK and further international expansion through acquisitions, joint ventures, and organic openings.

The Group has been on an aggressive acquisition drive in recent months. In the fist half of June, it added its first fast-fashion pureplay to its roster by acquiring Missguided in a GBP20m deal.

Later in the same month, Frasers upped its investment in Hugo Bossand now owns a 26% stake in the brand

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By GlobalData

Jacamo-owner, N Brown Group reported its first half results earlier this week in which it said it was looking to focus on tightly managing costs and margins following a fall in revenue and profits.