Ashley’s Frasers buys fast fashion website I Saw It First

MIKE ASHLEY’S Frasers has snapped up I Saw It First, the fast-fashion site owned by one of the founders of Boohoo.

Frasers told investors the website will benefit from “the strength and scale of Frasers”. The price of the transaction was not disclosed.

The deal confirmed The Telegraph’s report earlier this month that Frasers was to buy the online retailer, which boasts more than 5m consumers.

Confirmation came as another of Mr Ashley’s investments suffered. Shares in fashion website Mysale fell by 15pc after a drop in both revenues and profits in the year to June 30. Frasers had snapped up a 29pc stake in Mysale in recent weeks.

Pippa Stephens, a retail analyst at Globaldata, warned that I Saw It First was also facing headwinds from the cost of living crisis.

She said: “With I Saw It First’s younger shoppers likely to be extremely price-conscious, especially as inflation continues to surge, Frasers must focus on keeping the brand highly price competitive to stay ahead of rivals.”