Frasers Group has disclosed a 29.26 per cent interest in ASOS on a fully diluted basis.
A regulatory filing showed Frasers’ direct shareholding and voting rights remain unchanged at just over 23.3 per cent. The change relates instead to additional exposure through financial instruments, taking its overall fully diluted position from 28.42 per cent to 29.26 per cent.
Those instruments account for a further 5.9 per cent in potential voting rights.
The retail group, controlled by Mike Ashley, has built up sizeable stakes across the sector, including investments in Debenhams, AO World and Puma. It has previously used minority holdings to push for strategic changes at retailers, as well as to encourage them to stock Frasers brands or adopt its services.
Its brands include Sports Direct, House of Fraser and Flannels. Frasers has also previously pursued an unsuccessful takeover of Mulberry and pushed for leadership changes at Debenhams.
The move comes as ASOS continues efforts to revive its performance amid intensifying competition from Chinese rivals and a broader turnaround drive focused on cutting costs and improving profitability.
The etailer said in November that it expected full-year 2026 profit to come in below market estimates, underlining the scale of the challenge facing the business as it seeks to restore growth and sharpen its appeal with shoppers.
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