Frasers Group increases its financial exposure to ASOS

In a new regulatory filing from ASOS, it has been revealed that Mike Ashley’s Frasers Group has increased its financial exposure to the online fashion retailer by purchasing additional "sold put options", putting Frasers Group's total exposure at 29.26%, up from 28.42%. The move does not, however, increase Frasers Group's voting rights.

Frasers Group’s 29.26% total economic exposure in ASOS was driven by the acquisition of more "sold put options" - contracts that could see Frasers buy more shares in the future - which were increased from 5.09% to 5.93%. This means that the total amount of money Frasers Group has 'at risk' in ASOS has increased, but its direct voting position has not changed.

Currently, Frasers owns 23.33% of shares in ASOS, which translates into the same number of voting rights. The acquisition of additional "sold put options" therefore does not mean Frasers gains additional voting rights, and its stake in the online retailer remains well under the 30% threshold that would trigger a mandatory takeover under British law.

Frasers Group therefore remains one of the main shareholders within ASOS, alongside Danish fashion group Bestseller, through its parent company Heartland A/S, which holds a 28-29% stake in ASOS, and Camelot Capital Partners, a California-based hedge fund manager, which holds 15%.

It does mean that Frasers is increasing its commitment to ASOS because Frasers is betting on the company's future stock price, which means they profit if the stock goes up, or are forced to buy if it goes down.

Frasers Group holds stakes in a number of fashion companies. Currently, it holds an almost 29% stake in the retail competitor Debenhams Group (formerly Boohoo), at whose annual general meeting last November it voiced significant pushback.

It also took a 5.77% stake in Puma in March, following an agreement to acquire a majority shareholding in Maxi Sport SpA, a premium multi-sport retailer operating across Italy, in February. 

Over the last year, the company has also made significant investments into its retail property portfolio, with the acquisition of Braehead Shopping Centre and Swindon Designer Outlet. 

In November 2025, ASOS reported its full year results, marking a pivotal moment in its three-year turnaround strategy. While the company saw a drop in revenues of 14% to £2.46 billion, it also reported a 60% jump in adjusted EBITDA to £132 million and a strong lift in gross margins.

José Antonio Ramos Calamonte, CEO at ASOS, said at the time: "The journey we've been on has taken patience, hard work, and tough decisions to get to where we are today. We first had to rebuild the economics and stabilise the business so we could create the capacity to invest in what matters most to customers. With the most difficult work behind us, I'm more confident than ever that we have the right strategy and capabilities to achieve our ambition to become the most exciting destination for fashion lovers."