Mike Ashley-owned Frasers Group has increased its stake in online retailer Asos once again.
The parent company of Sports Direct, House of Fraser and Flannels, has increased its stake from 10.5% to 16.8% months after its initial investment into the fashion retailer.
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In June, the group increased its stake to 8.8% from 7.4%.
The move is part of Fraser Group’s acquisition spree, in which it has made “strategic stake” purchases in AO, Currys, Boohoo and Mulberry.
The move comes despite Asos recently reporting a 7% drop in sales to £1.84 billion in the six months to 28 February 2023.
Pre-tax losses also increased to £290.9 million, compared with £15. 9 million, in the same period last year.
At the time, Asos CEO José Antonio Ramos Calamonte said: “We continue to focus on making Asos the best possible destination for our fashion-loving customers.
“At the same time, we are delivering on our plan to turn the business around: to right-size our stock; to generate cash; to reduce our net debt; and to structurally improve our profitability.”
Asos features in the Europe Brand Index Top500, Europe Top1000, Germany Top100, Global Elite Top1000, Spain Top100 and UK Top500 reports.
