Sports Direct owner lifts Asos and Hugo Boss stakes

 
The owner of Sports Direct has become the fourth-largest shareholder in online fashion retailer Asos.

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Frasers Group, which is owned by billionaire Mike Ashley, now owns 5.1% of Asos after building up shares in the company that holds the Topshop brand.

On Monday, Frasers also announced it had raised its investment in Hugo Boss.

The company has bought up a number of UK retailers over the past few years spanning sportswear, fashion, furniture and bikes.

It now owns 4.3% of Hugo Boss shares directly and an extra 28.5% through the sale of financial instruments known as put options.

A put option is a contract that allows the owner the right to sell an asset at a future date at a predetermined price. Unlike normal shares, buying put options does not contribute to owning a majority stake or gaining voting rights in a company.

"Frasers Group has extensive ambitions to grow the business inside and outside of the UK and is constantly exploring the potential for further expansion," the company said.

The retail giant added the move was the latest example of its "its drive to expand and acquire businesses and brands that can strengthen Frasers Group".

Asos recently reported a loss as the cost of living hit shoppers' budgets and the company has warned that it expects people to cut back even further in the months ahead.

The online fashion brand's share price has fallen by nearly 80% over the past year.
Posted in Daily News Summary on October 25 at 09:17 AM

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