Frasers Group has lifted its stake in Asos once again as it continues its investment spree.
Mike Ashely’s empire raised its shares in the online fashion retailer to 23% on Wednesday, building on top of last week’s increase to 22.7%.
It comes as the group is also rapidly increasing its shares in rival Boohoo, lifting its stake to 15.1% last week as the retailer’s largest shareholder.
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Chief executive Michael Murray fuelled takeover speculations when described the group’s investments into Asos and Boohoo, as well as Currys and AO, as “mid-flight”.
Murray told The Telegraph earlier this month: “All I can do is talk about how it looks very obvious afterwards.
“[Luxury department store] Flannels was an acquisition, and now it seems normal that Flannels is a part of Frasers Group. And Game, you think: why would you buy 30pc of Game? Afterwards, it’s all very obvious.”
Alongside increasing its shares, Frasers revealed it was set to add German sports chain SportScheck to its portfolio.
Murray said the purchase would support the group’s growth in Europe and was a “big step” towards its “journey to becoming the number one sports retailer in EMEA”.
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