**London, UK** – The shares of British online fashion retailer ASOS have climbed by more than 2% on Thursday, despite the news that Sports Direct owner Frasers Group has increased its stake in the company to almost 20%..
Frasers Group, owned by billionaire Mike Ashley, purchased an additional 4.94 million shares in ASOS, taking its total holding to 19.95%, making it ASOS’s largest shareholder. The move comes after Frasers Group acquired a 5.1% stake in ASOS in April 2023..
Despite the increased stake, ASOS shares rose by 2.3% to 825 pence in early trading on Thursday. The company’s shares have been on a downward trend in recent months, having fallen by more than 60% over the past year..
Analysts at Shore Capital said the increase in Frasers Group’s stake was a .
