Billionaire Mike Ashley’s Frasers Group has continued its excessive road and on-line shopping for spree with 5% of ASOS and 28.5% of Hugo Boss now making up its portfolio.
Frasers Group Plc, which owns House of Fraser and Sports Direct, declared it now owned 5.1% of the net trend web site in an announcement on the London Stock Exchange.
The group is now the fourth largest shareholder in ASOS on account of the newest share buy.
Frasers Group had already acquired a smaller stake within the retailer earlier this yr.
ASOS has been going by way of a troubled interval. Just final week it reported slowed gross sales and a £32m pre-tax loss within the yr to August.
It not too long ago approached the banks behind its £350m revolving credit score facility to hunt an modification to its borrowing agreements.
Also on Monday morning got here the announcement of Frasers Group’s elevated possession of German trend firm Hugo Boss.
Frasers Group reported it owned 4.3% of Hugo Boss inventory immediately and a further 28.5% by way of put choices, a monetary instrument. Owning put choices doesn’t imply gaining elevated voting rights in an organization and doesn’t contribute to elevated possession.
It now owns £840m in Hugo Boss shares.
Frasers Group has stakes in family clothes manufacturers together with Everlast and Jack Wills.
Over the summer season, it acquired quick trend manufacturers I Saw it First and Missguided.
In the Hugo Boss announcement on Monday morning, Frasers Group stated it “continues to see opportunities that strengthen Frasers Group’s brand proposition”.
“Frasers Group has extensive ambitions to grow the business inside and outside of the UK and is constantly exploring the potential for further expansion.”
In September, Mike Ashley stated he was stepping down as a director of Frasers Group, the retail empire that has its origins in Sports Direct, the enterprise he based. He stays its controlling shareholder.
Source: information.sky.com”