Mike Ashley’s Frasers raises Boohoo stake to 16.5 per cent
Frasers, the British sportswear group controlled by Mike Ashley, has raised its stake in online fashion retailer Boohoo to 16.5 per cent, according to a regulatory filing published on Wednesday.
The group previously held 15.12 per cent.
Frasers, formerly called Sports Direct, said in June its purchase of Boohoo shares was consistent with its strategy of building “supportive” positions in “attractive” companies.
Earlier this month Boohoo reported a first half loss and downgraded its full year revenue outlook. Its shares are down 14 per cent so far this year.
Frasers has also built a 23 per cent stake in Boohoo’s UK rival Asos.
On Tuesday, Asos postponed Wednesday’s planned publication of its annual results until Nov. 1, saying its auditor PwC needed more time. Asos shares are down 23 per cent this year.
Reuters – James Davey