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Frasers Group has boosted its holding in ASOS to 29.26%, becoming the online fashion retailer’s largest shareholder and edging closer to the 30% level that would require a mandatory takeover bid under UK regulations.
While Frasers’ voting rights remained unchanged at 23.33%, additional financial instruments representing 5.94% increased its overall interest beyond its previous 28.43% stake.
If the retail conglomerate wanted to launch a takeover bid of ASOS, it would have to purchase the retailer’s underlying shares to bring its voting power to just below the threshold that would require a mandatory offer.
However, Frasers has not expressed recent plans to take over the fast-fashion retailer.
Headed by Mike Ashley, Frasers has large holdings in Debenhams, Puma and AO World along with owning brands such as Sports Direct, House of Fraser and Flannels.
In the past, the company has leveraged its minority stakes to drive strategic changes at retailers and to persuade them to carry Frasers’ brands or use its services.
At Debenhams, it launched a boardroom coup and blocked the business’ transition from branding as Boohoo, likely to water down the ownership of group director Mahmud Kamani.
This news comes after ASOS pushed forward with a three-stage turnaround plan following the appointment of José Antonio Ramos Calamonte, involving clearing excess stock and debt, redesigning its commercial model and “re-engaging” customers.
In the 52 weeks to 31 August 2025, ASOS narrowed its adjusted losses before tax from £181.2m to £98.2m, as cost reductions and a stronger full-price sales mix lifted profitability.
