Retail giant Frasers Group has upped it stake in Asos once again to nearly 17%.
Mike Ashley’s empire is the online fashion retailer‘s third largest shareholder behind Anders Povlsen, the owner of Denmark’s Bestseller chain and Camelot Capital Partners.
This comes after Frasers Group twice upped its stake in Boohoo Group last month.
Frasers Group has recently been on an acquisition spree, purchasing “strategic stakes” in a throng of companies including AO, Mulberry and Currys.
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Back in May Asos hailed a return to profitability as its turnaround strategy delivered, despite posting a 14% drop in revenue.
Adjusted earnings before interest and tax went up more than £20m on year in the three months ended May 31, putting the retailer on track to achieve adjusted EBIT guidance of £40m to £60m in the second half of the year.
This was aided by roughly £200m of profit optimisation and cost savings in the year to date, with £300m of benefits targeted for the full year.
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