By Ben Lucas
Britain’s Frasers Group raised its stake in online fashion retailer ASOS, a filing showed on Wednesday, as the Mike Ashley-owned sportswear retailer continues its drive into a more premium market.
Frasers, formerly called Sports Direct, increased its stake in ASOS to 7.4 per cent from a prior stake of more than 5 per cent, as of May 15.
Shares in ASOS, which have lost about 30 per cent of its value in the past week, were trading up 9 per cent by 11:05 GMT.
The increase in stake comes a week after ASOS swung to a first-half loss, hit by a squeeze on household budgets and forecast a further drop in sales.
Frasers, known for picking up stake in fellow retailers, currently owns a 2.6 per cent stake in German fashion house Hugo Boss , according to Refinitiv data.
Reuters – by Radhika Anilkumar
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