MIKE ASHLEY's retail emporium Frasers Group has inked a deal to acquire fast fashion e-commerce firm I Saw It First.

In an announcement on the London Stock Exchange yesterday, the Sports Direct owner confirmed The Telegraph's reports that it would take over the firm.

I Saw It First was created by Jalal Kamani in 2017, after he helped his brother Mahmud establish Boohoo.

Frasers, which is now under the leadership of Ashley's son-in-law Michael Murray, said it "looks forward to integrating" the brand into its portfolio, especially with its recent achievement in picking up fellow fast fashion giant Missguided.

Frasers acquired beleaguered fashion platform Missguided earlier this year, despite rumours of takeover interest from rival Boohoo.

I Saw It First presently boasts more than 5m consumers, Frasers said.

In recent weeks, Frasers has snared a 29 per cent stake in Mysale and boosted its stake in Hugo Boss.

(c) 2022 City A.M., source Newspaper