British department store chain Frasers Group has increased its total exposure in online fast fashion retailer ASOS to 29.6 per cent through a combination of direct shareholding and derivative instruments, a regulatory filing shows.

This puts the department store just below the 30 per cent at which it would be obliged under UK law to offer to buy the remainder of the company. Its direct voting rights stand at 23.3 per cent with the remaining 6.6 per cent of exposure held through financial instruments linked to potential voting rights.

Frasers has not indicated it intends to pursue a takeover, and did not immediately respond to a request for comment.

ASOS declined to comment. The company has separately disputed characterisations that Frasers has increased its direct shareholding, clarifying that its voting stake remains at 23.3 per cent and that the additional exposure is held through derivatives.

ASOS, owner of Topshop and Topman alongside its main online store, has struggled to keep pace with Chinese competitors in the fast fashion market. Its share price has fallen by over 25 per cent since the start of 2026, the with the majority of that decline occurring in March.

Frasers – controlled by British business magnate Mike Ashley – has a history of using its stakes in other companies to push for strategic changes, including leadership replacements and encouraging retailers to stock Frasers brands.

In February, Frasers gained a majority stake in Italian sports retailer Maxi Sport while keeping the family-based leadership team largely in place.

---