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| Sports Direct-owner Frasers lifts Asos and Hugo Boss stakes | |
| (32 minutes later) | |
| The owner of Sports Direct has become the fourth-largest shareholder in online fashion retailer Asos. | |
| Frasers Group, which is owned by billionaire Mike Ashley, now owns 5% of Asos after building up shares in the company that holds the Topshop brand. | |
| On Monday, Frasers also announced it had raised its investment in Hugo Boss. | |
| The company has bought up a number of UK retailers over the past few years spanning sportswear, fashion, furniture and bikes. | |
| It now owns 4.3% of Hugo Boss shares directly and an extra 28.5% through the sale of derivatives known as put options. | |
| "Frasers Group has extensive ambitions to grow the business inside and outside of the UK and is constantly exploring the potential for further expansion," a trading statement said on Monday. | |
| The retail giant said the move was the latest example of its "its drive to expand and acquire businesses and brands that can strengthen Frasers Group". | |
| Why are prices rising so much? | |
| Asos sees big loss as shoppers cut back on fashion | |
| Asos recently reported a loss as the cost of living hit shoppers' budgets and the company has warned that it expects people to cut back even further in the months ahead. | |
| The buy-up of Asos shares means that Frasers Group is now the fourth largest shareholder in the business. | The buy-up of Asos shares means that Frasers Group is now the fourth largest shareholder in the business. |
| Frasers Group said it was part of the "ordinary course of business to develop relationships and partnerships with other retailers, suppliers and brands". | Frasers Group said it was part of the "ordinary course of business to develop relationships and partnerships with other retailers, suppliers and brands". |
| Mr Ashley, who founded the sportswear retailer Sports Direct, has in the past gone on to take over businesses he invests in including House of Fraser. | Mr Ashley, who founded the sportswear retailer Sports Direct, has in the past gone on to take over businesses he invests in including House of Fraser. |
| This year he stepped down as chief executive of the company, handing over the role to his son-in-law, Michael Murray, though Mr Ashley remains as the controlling shareholder in the group. | This year he stepped down as chief executive of the company, handing over the role to his son-in-law, Michael Murray, though Mr Ashley remains as the controlling shareholder in the group. |
| The increase in Frasers' shareholding in Asos - first reported by the Sunday Telegraph - will not give it any control over the online fashion business or a position on its board. | The increase in Frasers' shareholding in Asos - first reported by the Sunday Telegraph - will not give it any control over the online fashion business or a position on its board. |
| Along with House of Fraser and Sports Direct, the group also owns Flannels, Game, Jack Wills, Evans Cycles and Sofa.com. | Along with House of Fraser and Sports Direct, the group also owns Flannels, Game, Jack Wills, Evans Cycles and Sofa.com. |
| The group has also built z significant shareholding in the fashion brand and Mulberry. |