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The Frasers Group Ups Its Ownership Share In Asos To 12.6%


The Frasers Group Ups Its Ownership Share In Asos To 12.6%

Once again, Frasers Group has augmented its stakes in Asos, making it the third increase this month.

The retail conglomerate, under the ownership of Mike Ashley, presently possesses a 12.6% interest in Asos. This follows the elevation to 10.7% just last week.

This development comes as Frasers Group persistently invests in the competitor of Asos, Boohoo, as part of its “strategic investment” approach.

Asos has recently declared a postponement in the release of its full-year results by a week to conclude audit procedures.

The company anticipates reporting an adjusted EBIT of over £38m for the second half, resulting in an adjusted EBIT loss of not more than £31m for the entire year.

This revised guidance falls short of the preceding forecast, which foresaw 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 an accelerated plan for Asos with the objective of reversing the retailer’s ailing fortunes.

In a prior progress update, Calamonte remarked, “Asos has effectively executed the Driving Change agenda, leading to a more efficient and resilient business a year after its initiation.

“We have decreased our stock balance by about 30%, significantly improved the core profitability of the business, and generated cash despite a challenging market environment.”

Asos is set to unveil its full-year results and provide a strategic update on November 1.

Image Source: T. Schneider / Shutterstock

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