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Frasers has again upped its stake in Asos to 23%, as it continues its investment in a number of UK fashion retailers.
Frasers has increased its holding in the online retailer a number of times throughout this year and currently holds 27,473,492 Total number of voting rights.
It tops a busy week for the retailer now headed by Mike Ashley’s son-in-law Michael Murray as it acquired german Sportswear Sportscheck and also upped its holding in Boohoo to 15.1%.
Last month Asos lowered its full-year guidance after sales fell by 15% in the three months ended 3 September.
The group now expects EBIT to be around the bottom of the guided £40m to £60m range, with free cash inflow in H2 now expected to be roughly £60m excluding refinancing costs.
While the fashion retailer had a strong start to the period, it attributed its declining sales in July and August to a deterioration in the UK clothing market.
Despite the decline in sales, Asos maintains that Q4 will be another profitable quarter after approximately £300m of profit improvement and cost savings have been realised. This has been in line with the FY23 target set under its ‘driving change’ agenda, which increased order profitability by more than 35% year-on-year.
