Mike Ashley-owned Frasers Group has raised its stake in online fashion retailer ASOS.

The group formerly known as Sports Direct has upped its ownership of ASOS from five per cent to 7.4 per cent as of 15 May. Frasers previously increased its investment in ASOS in October 2022, becoming its fourth-largest shareholder.

For Frasers, this represents a further move into luxury retail. The company owns around 2.6 per cent of Germany’s Hugo Boss, though that stake has been reduced from 4.3 per cent earlier this year.

The move comes a week after ASOS announced a first-half loss as a result of consumer spending cuts, with ASOS shares losing around 30 per cent in value over that time. The Topshop owner posted a loss of £87.4 million in the six months to the end of February, compared to a profit of £14.8 million in the same period last year.

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