FRASERS Group has raised its stake in online fashion retailer ASOS, a filing showed yesterday, as Mike Ashley's (pictured) sportswear retailer continues its drive into a more premium market.

Frasers, formerly called Sports Direct, increased its stake in ASOS to 7.4 per cent from a prior stake of more than five per cent, as of 15 May.

Shares in ASOS, which have lost about 30 per cent of their value in the past week, finished up by almost eight per cent yesterday.

The increase in stake comes a week after ASOS swung to a firsthalf loss, hit by a squeeze on household budgets, and forecast a further drop in sales.

Frasers, known for picking up stakes in fellow retailers in recent years, currently owns a 2.6 per cent stake in German fashion house Hugo Boss, according to Refinitiv data. Reuters

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