Frasers Group edges closer to 30 percent stake in Asos

Sports Direct’s parent company is getting closer to securing a 30 percent stake in Asos. According to a regulatory filing, Frasers Group now holds a 29.26 percent stake in the e-commerce company.

The retail group, founded by Mike Ashley, has been quietly upping its control over Asos since 2022, when it initially snapped up a 5.1 percent stake, making it a majority shareholder. At the time, Asos had launched a turnaround plan responding to lacklustre trading in the year prior, which had resulted in a dip of share value.

Frasers had said its ultimate goal was to potentially form a future partnership with Asos, a mission that had been adopted more broadly at the group, as it sought to establish strong ties with brand partners. Asos is just one of many struggling e-tailers Frasers has expressed interest in, with the group having previously acquired the likes of Missguided, now sold to Shein; Studio Retail; and I Saw It First.

This latest move at Asos has seen Frasers move up to become the top investor in the company. According to UK takeover rules, investors are required to make an offer for a business once hitting a 30 percent stake. Frasers’ direct voting rights attached to Asos shares remain at 23.3 percent.