(Reuters) – Britain’s Frasers Group raised its stake in on-line vogue retailer ASOS, a submitting confirmed on Wednesday, because the Mike Ashley-owned sportswear retailer continues its drive right into a extra premium market.
Frasers, previously known as Sports activities Direct, elevated its stake in ASOS to 7.4% from a previous stake of greater than 5%, as of Might 15.
Shares in ASOS, which have misplaced about 30% of its worth previously week, have been buying and selling up 9% by 1105 GMT.
The rise in stake comes per week after ASOS swung to a first-half loss, hit by a squeeze on family budgets and forecast an extra drop in gross sales.
Frasers, identified for choosing up stake in fellow retailers, at present owns a 2.6% stake in German vogue home Hugo Boss, based on Refinitiv knowledge.
Shares in Frasers have been down 0.5%.
(Reporting by Radhika Anilkumar in Bengaluru; Modifying by Shailesh Kuber)
