Frasers Group has notified ASOS that it has now become a significant shareholder with a stake of over 5 per cent in its business. Frasers Group has said that it is building its ASOS stake in order to develop a partnership with the online retailer.
ASOS had earlier posted a pre-tax loss of £32 million for year ended 31 August 2022, due to increasingly difficult trading conditions, and under its recently appointed CEO Jose Antonio Ramos Calamonte, has embarked on making significant cost savings across its operations. This will include tightening its buying processes as well as buying more frequently and closer to the time of sale rather than committing too far ahead. ASOS will also be looking to write-off around £100m of stock.
Frasers Group, for its part, recently acquired Missguided and ISawItFirst and is poised to assume full ownership of MySale.
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