March 23 (Reuters) - British sportswear and fashion firm Frasers Group has increased its stake in ASOS to 29.26% from 28.42%, becoming the largest shareholder in the fast-fashion retailer, a filing
Mike Ashley's Frasers increases exposure to UK online retailer ASOS
Frasers Group Raises Stake and Voting Rights in ASOS
March 23 (Reuters) - British sportswear and fashion firm Frasers Group has increased its interest in ASOS to 29.26% from 28.42%, a filing showed on Monday, after it added potential voting rights through sold put options in the online retailer.
UK Takeover Rules and Frasers' Position
Under UK takeover rules, an investor is required to make a mandatory offer for a company once its stake reaches 30% of the voting rights. Frasers has not given any indication that it plans a takeover.
Potential Impact of Exercised Options
If options disclosed in Monday's filing are exercised, Frasers will have to buy the ASOS shares and its voting rights will increase in the online retailer to just under the takeover threshold.
Current Voting Rights Breakdown
Frasers' direct voting rights attached to shares in ASOS were unchanged at 23.3%, while possible additional voting rights of 5.9% held through financial instruments lifted the total interest.
Frasers did not immediately respond to a request for comment, while ASOS declined to comment.
Frasers' Broader Retail Strategy
Frasers, owned by billionaire Mike Ashley, has substantial investments across the retail sector, including in Debenhams, AO World and Puma, and has previously used its shareholdings to push for strategic changes or encourage companies to sell Frasers' products or adopt its services.
Previous Takeover Attempts and Influence
The group, whose brands include Sports Direct, House of Fraser and Flannels, has also unsuccessfully pursued a takeover of luxury brand Mulberry and pushed for an executive shake‑up at Debenhams.
ASOS' Current Business Situation
ASOS, which forecast fiscal 2026 profit below estimates in November, has been working to revive its appeal amid rising competition from Chinese rivals and to turn around its business through cost cuts.
(Reporting by Raechel Thankam Job in Bengaluru; Editing by Devika Syamnath and Susan Fenton)
