Frasers Group has raised its interest in Asos to 29.26%, up from 28.42%, according to a regulatory filing — just below the 30% threshold that would trigger a mandatory takeover offer under UK rules. Frasers’ direct shareholding stands at 23.3%, with additional potential voting rights of around 5.9% held through financial instruments including sold put options. Owned by billionaire Mike Ashley, Frasers has a track record of building strategic retail stakes. The move comes as Asos continues its turnaround amid competition from Chinese e-commerce players.

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