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Frasers ups stake in Asos to nearly 17%

Prior to that the group also recently purchased a 11.1% stake in Currys followed by a £75m stake in AO World

Mike Ashley’s Frasers Group has announced that it has once again upped its stake in Asos to nearly 17%.

The news comes after the group upped its stake in the online retail company to over 10% in June.

Additionally, Frasers also acquired 7.8% stake in Boohoo last month.

Prior to that the group also recently purchased a 11.1% stake in Currys followed by a £75m stake in AO World.

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According to Asos’ recent trading update, it returned to profitability after its EBIT rose more than £20m year on year for the three months ended 31 May.

This earnings increase comes despite its revenue dropping 11% from £964m down to £859m in the same period.

Asos now believes that it is on-track to deliver its adjusted EBIT guidance of between £40-60m in H2 FY23.

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