British sportswear and fashion firm Frasers Group has increased its interest in ASOS to 29.26% from 28.42%, a filing showed today, after it added potential voting rights through sold put options in the online retailer.
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. Frasers has not given any indication that it plans a takeover.
If options disclosed in the new filing are exercised, Frasers will have to buy the ASOS shares and its voting rights will increase in the online retailer to just under the takeover threshold.
Frasers' direct voting rights attached to shares in ASOS were unchanged at 23.3%, while possible additional voting rights of 5.9% held through financial instruments lifted the total interest.
Frasers, owned by billionaire Mike Ashley, has substantial investments across the retail sector, including in Debenhams, AO World and Puma, and has previously used its shareholdings to push for strategic changes or encourage companies to sell Frasers' products or adopt its services.
The group, whose brands include Sports Direct, House of Fraser and Flannels, has also unsuccessfully pursued a takeover of luxury brand Mulberry and pushed for an executive shake‑up at Debenhams.
ASOS, which forecast fiscal 2026 profit 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.
