Mike Ashley’s Frasers Group raises stake in Asos to nearly 9%

Larger holding is nearly enough to block a potential takeover bid as speculation grows about online retailer’s future

Mike Ashley’s Frasers Group has built its stake in Asos to almost 9% – taking him close to the ability to block a takeover bid – ahead of a potential battle for control of the ailing online fashion business.

Ashley, the founder of Sports Direct, who has a long history of snapping up ailing brands, from House of Fraser to Everlast, has moved to gain influence at Asos. Its share price has fallen 63% since February amid falling sales and a slide into the red as the pandemic-induced online shopping boom evaporated.