The scheme is the first under new chief executive Michael Murray, who took over from Mike Ashely last month as the new chief executive after the tycoon stepped down.
The company, which owns brands including Sports Direct, Evan Cycles and House of Fraser, has already handed back around £300million to investors since May last year.
Frasers Group begins another £70m share buyback dailymail.co.uk - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from dailymail.co.uk Daily Mail and Mail on Sunday newspapers.