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(Sharecast News) - Frasers Group has become the largest shareholder in Asos after lifting its stake in the fast fashion retailer.
Owned by UK billionaire Mike Ashley, Frasers revealed it had increased its stake to 29.26% from 28.42%, just below the 30% that would trigger a mandatory takeover offer under British law.
Frasers has built up significant shareholdings in several retailers, including Debenhams (formerly Boohoo) where he has been in a protracted dispute with management of the rival online clothing brand, along with stakes in AO World and Puma. Ashley also holds 32.2% of German fashion giant Hugo Boss.
Danish fashion group Bestseller, owned by billionaire Anders Holch Povlsen, holds around 28% of Asos, while Camelot Capital Partners holds 15%.
Reporting by Frank Prenesti for Sharecast.com
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