**Frasers Group, the parent company of Sports Direct, has increased its stake in online fashion retailer ASOS to 19.9%, making it the largest shareholder in the company.**
The move comes after Frasers Group acquired a 5.1% stake in ASOS in April 2023, which was followed by a further 14.8% stake acquisition in June 2023.
The news sent ASOS shares up by 5% in early trading, as investors welcomed the news of Frasers Group’s increased investment in the company.
Frasers Group is now the largest shareholder in ASOS, ahead of T. Rowe Price, which owns 10.3%, and BlackRock, which owns 7.1%.
The move by Frasers Group is seen as a sign of confidence in the future of ASOS, which has been struggling in recent months due to a number of factors, including the cost-of-living crisis and the war in Ukraine.
ASOS has also been facing competition from other online retailers, such as Boohoo and Zalando.
However, Frasers Group is confident that ASOS can turn things around and become a more profitable business.
Frasers Group’s CEO, Mike Ashley, said in a statement: .
