Boohoo co-founder Mahmud Kamani has taken a stake in MySale, according to a statement filed to the London Stock Exchange.
Kamani has secured a 4.76% stake in the Australian flash sales platform, buying over 45 million shares in the company.
Last month, Frasers Group issued a cash offer to purchase MySale after becoming its largest shareholder with a holding of 28.7%.
The move comes amid strong interest around the platform, with former Jaeger and Aquascutum head Harold Tillman also holding a stake of 1.26%.
MySale gross profit for the year ended June 30 fell to $40.2 million from $46.4 million, while statutory revenue for the year fell to $94.9 million from $117.9 million.
In a statement to the market at the time, CEO Kalman Polak said it was well-placed to move forward.
"The strategic shift in channel mix towards the platform and away from higher-margin own-stock has impacted revenue and profitability, but we are confident we are pursuing the right strategy for sustainable growth.
"We have made excellent progress in reducing the cost base as we simplify the business and align it to each of our channels. This is reflected in the 27% reduction in Q4 that is anticipated to contribute to a reduction in the cost base that will flow through into the next financial year."