This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.
You can find the current article at its original source at https://www.bbc.co.uk/news/business-63370575
The article has changed 7 times. There is an RSS feed of changes available.
| Version 2 | Version 3 |
|---|---|
| Sports Direct-owner Mike Ashley 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. | 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. | 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. | 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. | 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 financial instruments known as put options. | It now owns 4.3% of Hugo Boss shares directly and an extra 28.5% through the sale of financial instruments known as put options. |
| A put option is a contract that allows the owner the right to sell an asset at a future date at a predetermined price. Unlike normal shares, buying put options does not contribute to owning a majority stake or gaining voting rights in a company. | |
| "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. | "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". | 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? | Why are prices rising so much? |
| Asos sees big loss as shoppers cut back on fashion | 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. | 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. | The group has also built z significant shareholding in the fashion brand and Mulberry. |