// Frasers Group builds stake of more than 5% in Asos
// It is now the fourth-biggest shareholder in the online retailer
Frasers Group has built a stake of more than 5% in Asos, making it the fourth-biggest shareholder in the online retailer.
The group notified Asos on Friday that it had become a significant shareholder in the company.
The move came days after Asos unveiled a cost-cutting plan alongside a pre-tax loss of £32 million.
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Frasers Group aims to use its stake in the online retailer to build a partnership as Asos recently revealed an overhaul of its business model, The Telegraph reported.
Earlier this year, Frasers Group, which is owned by billionaire Mike Ashley, acquired Missguided for £20 million, which the group’s new CEO Michael Murray said would bring a “digital-first approach”.
Weeks later Frasers added online fast fashion retailer ISawItFirst to its portfolio.
Now it is seeking full ownership of Australian online retailer MySale.
