Frasers Group has increased its stake in Asos for the second time this week as speculation over a takeover of the embattled online fashion retailer continues.
The group, owned by Mike Ashley, has now acquired 9.9% of shares in the company, up from 7.4% earlier this week.
As a result, Ashley’s actions have raised fresh questions over Asos, as its value dropped from over £7 billion just over two years ago to around £400 million now, as shares hit a 12-month low.
This comes as Frasers Group has a history of acquiring struggling businesses, which included online retailers Studio, Missguided and ISawItFirst.com.
Over the weekend, it was reported Asos was approached by Alibaba-backed Turkish fashion business Trendyol in December, about a possible £1 billion offer.
Asos has been demoted from the FTSE 250 index as shares hit a 12-month low.