Frasers Group has once again increased its shares in Asos, marking the third time this month.
The retail group, owned by Mike Ashley, now holds a 12.6% stake in Asos. This follows last week’s increase to 10.7%.
This news comes as Frasers Group continues to invest in Asos’s competitor, Boohoo, as part of a “strategic investment” strategy.
Asos recently announced a delay in the publication of its full-year results by a week in order to complete audit procedures.
The company expects to report a second-half adjusted EBIT of over £38m, resulting in a full-year adjusted EBIT loss of no more than £31m.
This revised guidance falls short of the previous projection, which anticipated second-half profits to be at the “lower end of the guided range of £40m and £60m”.
Chief executive José Antonio Ramos Calamonte is leading a rapid turnaround plan for Asos, aiming to reverse the retailer’s struggling fortunes.
In a previous update on the progress, Calamonte stated: “Asos has successfully executed the Driving Change agenda, resulting in a leaner and more resilient business one year after its launch.
“We have reduced our stock balance by approximately 30%, significantly improved the core profitability of the business, and generated cash despite a challenging market environment.”
Asos is scheduled to release its full-year results and provide a strategic update on November 1.
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