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Mike Ashley's Frasers Group has escalated its presence in Boohoo, intensifying the ongoing tiff regarding the direction of the fast-fashion behemoth.

Frasers now holds a considerable 28 per cent stake in the Manchester-based group, which encompasses well-known brands like Debenhams and Prettylittlething, following an increase from a previous 27 per cent stake according to the London Stock Exchange filings, as reported by .

This move comes in the wake of Boohoo's appeal to its shareholders to spurn Mike Ashley's aspirations to take the reins of the company, decrying the billionaire as "not suitable" for the helm, owing to potential conflicts of interest because of his connection with Frasers.

Both companies, traded on the London market, have been publicly at odds over how best to propel Boohoo forward over the past month.

Frasers Group has leveled criticisms at Boohoo for what it sees as "long-term mismanagement" culminating in "value destruction", and has castigated Boohoo's £222 million refinancing tactics, while Boohoo has lambasted Frasers' representation of its operations as "inaccurate and unfair."

Despite these hurdles, Ashley's audition for the CEO position was undermined when Boohoo declared the appointment of Dan Finley to that post.

Nonetheless, come 20 December, investors will cast their votes on whether Mike Ashley should be welcomed into the boardroom, along with restructuring expert Mike Lennon.

In the lead-up to the critical vote on Mike Ashley's future with Boohoo, it was disclosed earlier in the week that Boohoo had generated funds amounting to £39.3 million and announced a separate retail offer of £6 million.