Asos shares drop 5% as largest investor offloads stake

657

Asos’ largest investor Bestseller United has offloaded more than 2 million shares in the online retailer.

The Danish firm, which is understood to have owned 29.4 per cent of the company, sold a 2.4 per cent stake in the business yesterday.

Despite the sale, the firm said it had no intention of dropping its stake in the company to below 25 per cent.

In July Goldman Sachs raised its rating from “neutral” to “buy”, sending share prices rallying.

In a note to clients, the US investment bank said they expected to see Asos’ full year sales jump 24 per cent, coming in at the high end of Asos’ own guidance.

It added that it expects growth to accelerate in the US and Asos to expand its penetration in Europe, leading to hit sales of between £4.5 billion and £7 billion between 2021 and 2024.

The news of the sale sent share prices dropping 5.2 per cent.

Click here to sign up to Retail Gazette‘s free daily email newsletter