Frasers Group, the British retail conglomerate owned by Mike Ashley, has increased its stake in online fashion retailer Asos to almost 20%, making it the company’s largest shareholder..
According to a regulatory filing on Tuesday, Frasers Group now owns 19.91% of Asos, up from 18.98% previously. The move comes as Asos grapples with a challenging retail environment and faces pressure from activist investor Anders Holch Povlsen, who has called for a boardroom shake-up..
Frasers Group, which owns the Sports Direct chain, has been gradually increasing its stake in Asos since 2021. The company has said it is a long-term investor in Asos and believes in the company’s potential..
Asos has been hit by a number of challenges in recent months, including rising costs, supply chain disruptions, and increased competition. The company has also been criticized for its handling of customer complaints and its environmental record..
In response to these challenges, Asos has announced plans to cut costs and improve its operations. The company has also said it is committed to sustainability and is working to reduce its environmental impact..
Frasers Group’s increased stake in Asos is likely to raise speculation about the future of the online retailer. Some analysts believe that Frasers Group could eventually make a takeover bid for Asos, while others believe that the company is simply seeking to increase its influence over the company’s strategy..
Asos has said that it is not in takeover talks with Frasers Group. However, the company has also said that it is open to considering all options to improve its performance..
It remains to be seen what Frasers Group’s intentions are for Asos. However, the company’s increased stake in the online retailer is likely to have a significant impact on its future..
