Frasers Group has raised its stake in Burberry to 7.42 percent from 6.32 percent, according to a stock market filing made Monday. The move marks the second increase in a week by the acquisitive British retail group.

The stake-building comes as Burberry's shares have fallen by around 10 percent over the past six months, and by almost 13 percent over the past year. That decline has persisted despite growing sales and what analysts view as a successful turnaround strategy under chief executive officer Josh Schulman.

The market read the filing as a positive signal. Burberry's share price rose 2 percent on Monday, trading at 10.44 pounds at 3:30 p.m. British Summer Time.

Why does Frasers keep buying?

Frasers typically moves when it sees value, and it has a track record of taking positions in brands that supply the group. Burberry joins a portfolio of strategic stakes that Frasers manages alongside its core retail operations.

The group has been notably active in recent months:

• It bought Harvey Nichols out of administration over the summer.
• It increased its stake in Hugo Boss to nearly 50 percent.
• It installed Frasers CEO Michael Murray as chairman of Hugo Boss's supervisory board.

The Hugo Boss position has a longer arc. Frasers tried and failed to launch a full takeover bid for the German company, then said in a later stock market filing that its plan is to eventually gain majority control.

What is Frasers Group Luxury?

Frasers is also restructuring how it holds these investments. Last week, during Paris Fashion Week, it unveiled Frasers Group Luxury, a new division housing what it calls a portfolio of "distinctive luxury businesses, digital capabilities and investments with longstanding strategic brand partners at its core."

In a statement, the group said the division "combines the expertise and reach of Frasers Group with the commercial discipline that underpins the wider business."

The division includes:

• Flannels and Harvey Nichols in the U.K.
• The Webster in the U.S.
• Strategic investments in Burberry, Mulberry, Hugo Boss and Hulcan's Mile.

Frasers Group's broader holdings include Sports Direct, Evans Cycles and Gieves & Hawkes on Savile Row.

What comes next?

For now, Frasers has not declared any intention regarding majority control of Burberry — unlike its stated aim with Hugo Boss. The doubled pace of purchases within a single week, set against Burberry's depressed valuation, will keep attention on whether Frasers treats this as a passive investment or the opening position of a larger consolidation play.