Sports Direct-owner builds stake in Asos

The proprietor of Sports Direct has go the 4th largest shareholder successful Asos, the struggling online manner retailer.

Frasers Group, which is owned by billionaire Mike Ashley, present owns 5% of Asos aft gathering up shares successful the institution which owns the Topshop brand.

Frasers has bought up a glut of UK retailers implicit the past fewer years spanning sportswear, fashion, furnishings and bikes.

Asos precocious reported a nonaccomplishment arsenic the outgo of surviving deed shoppers' budgets.

The institution warned that it expects radical to chopped backmost adjacent further successful the months ahead.

The buy-up of Asos shares means that Frasers Group is present the 4th largest shareholder successful the business.

Frasers Group said it was portion of the "ordinary people of concern to make relationships and partnerships with different retailers, suppliers and brands".

Mr Ashley, who founded the sportswear retailer Sports Direct, has successful the past gone connected to instrumentality implicit businesses helium invests successful including House of Fraser.

This twelvemonth helium stepped down arsenic main enforcement of the company, handing implicit the relation to his son-in-law, Michael Murray, though Mr Ashley remains arsenic the controlling shareholder successful the group.

The summation successful Frasers' shareholding successful Asos - archetypal reported by the Sunday Telegraph - volition not springiness it immoderate power implicit the online manner concern oregon a presumption connected its board.

Along with House of Fraser and Sports Direct, the radical besides owns Flannels, Game, Jack Wills, Evans Cycles and Sofa.com.

The radical has besides built important shareholdings successful the manner brands Hugo Boss and Mulberry.