Fuzzy implications are one of the most important fuzzy logic connectives. In this work, we conduct a systematic algebraic study on the set I of all fuzzy implications. To this end, we propose a binary operation, denoted by circled asterisk operator sign, which makes (I,circled asterisk operator sign) a non-idempotent monoid. While this operation does not give a group structure, we determine the largest subgroup S of this monoid and using its representation define a group action of S that partitions I into equivalence classes. Based on these equivalence classes, we obtain a hitherto unknown representations of the two main families of fuzzy implications, viz., the f- and g-implications. © 2014 Elsevier B.V. All rights reserved.