Danish group Bestseller increases stake in ASOS

Danish group Bestseller has increased its stake in young fashion etailer ASOS to more that 29%, which is just shy of the 30% threshold at which it must make a mandatory offer for the business, according to UK law.

The business used the Aktieselskabet af 5.5.2010 investment vehicle to purchase the additional shares taking its stake from 27.6% to to 29.16%.

Bestseller is the largest shareholder in ASOS followed by The Capital Group Companies (10.38%), Bailie Gifford (8.7%) and the company's founder and former CEO Nick Robertson (6.59%). Robertson reduced his stake in the company, in which he remains a non-executive director, in January when he offloaded shares worth £15.5m.

The Bestseller Group owns a number of contemporary men's and women's brands including Jack & Jones, Vero Moda, Selected, Vila and Only. It is owned by Danish billionaire Anders Holch Povlsen and has been steadily building its stake in ASOS for a number of years.

It also owns a stake in ASOS rival Zalando in which it began investing in 2013.