Mike Ashley’s Frasers raises stake in online retailer ASOS
2023.05.17 07:42
© Reuters. FILE PHOTO: Smartphone with an ASOS app and a keyboard are seen in front of a displayed ASOS logo in this illustration picture taken October 13, 2020. REUTERS/Dado Ruvic/Illustration/
(Reuters) – Britain’s Frasers Group raised its stake in online fashion retailer ASOS (LON:), a filing showed on Wednesday, as the Mike Ashley-owned sportswear retailer continues its drive into a more premium market.
Frasers, formerly called Sports Direct (LON:), increased its stake in ASOS to 7.4% from a prior stake of more than 5%, as of May 15.
Shares in ASOS, which have lost about 30% of its value in the past week, were trading up 9% by 1105 GMT.
The increase in stake comes a week after ASOS swung to a first-half loss, hit by a squeeze on household budgets and forecast a further drop in sales.
Frasers, known for picking up stake in fellow retailers, currently owns a 2.6% stake in German fashion house Hugo Boss, according to Refinitiv data.
Shares in Frasers were down 0.5%.
