Britain's Frasers Group has increased its stake in ASOS to 29.26% from 28.42%, a filing showed today, becoming the largest shareholder in the fast-fashion retailer and inching closer to the threshold for a takeover offer.
Under UK takeover rules, an investor is required to make a mandatory offer for a company once its stake reaches 30% of the voting rights.
However Frasers Group's holding which carries voting rights remains at just over 23.3%.
British sportswear and fashion firm Frasers, owned by billionaire Mike Ashley, has substantial investments in multiple retailers, including Debenhams, AO World and Puma.
It has previously used its shareholdings to push for strategic changes or encourage companies to sell its products or adopt its services.
Online retailer ASOS, which forecast 2026 profits below estimates in November, has been working to revive its appeal amid rising competition from Chinese rivals and to turn around its business through cost cuts.
