Oct 24, 2022

Sports Direct-owner builds stake in Asos

The owner of Sports Direct has become the fourth largest shareholder in Asos, the struggling online fashion retailer. Frasers Group, which is owned by billionaire Mike Ashley, now owns 5% of Asos after building up shares in the company which owns the Topshop brand. The company warned that it expects people to cut back even further in the months ahead. The buy-up of Asos shares means that Frasers Group is now the fourth largest shareholder in the business. The increase in Frasers' shareholding in Asos - first reported by the Sunday Telegraph - will not give it any control over the online fashion business or a position on its board. Along with House of Fraser and Sports Direct, the group also owns Flannels, Game, Jack Wills, Evans Cycles and Sofa.com.

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