Image: I Saw It First
Frasers Group could be swooping in on another fast fashion retailer soon, as reports have stated that Mike Ashley’s retail group is considering a takeover of I Saw It First, an online brand owned by Boohoo founder Jalal Kamani.
According to The Telegraph, the group, which owns the likes of Sports Direct, Flannels and House of Fraser, could be adding the e-commerce brand to its growing portfolio over the coming weeks.
However, the publication’s sources said the deal could still fail to go ahead.
Kamani launched I Saw It First in 2017 after helping his brother Mahmud found Boohoo in 2006.
Frasers continues chain of acquisitions
As direct competitors, Boohoo and Frasers Group have previously battled over struggling retailers, the most recent being online fashion site Missguided.
Despite reports that Boohoo was making a move, Frasers acquired the struggling retailer at the start of June after it collapsed into administration.
Since the acquisition, former Missguided CEO and founder Nitin Passi returned to the helm of the brand, stating at the time that he was “committed to rebuilding [its shareholder’s] trust”.
Frasers has also been snapping up stakes in various retailers over the past few months, including Australian-based fashion marketplace MySale and Hugo Boss, for which it has upped its stake three times since the start of the year.
Now holding a 4.9 percent stake, the group initially invested in the German fashion brand in 2020 as part of its ongoing elevation strategy, which looks to reposition the group as a more up-market business.
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