Ashley ups Asos stake to nearly 10% as takeover talk mounts

Mike Ashley has raised his stake in Asos for the second time in less than a week fuelling speculation over the future of the troubled fast fashion retailer.

The tycoons company Frasers Group, whose stable of retailers includes Sports Direct and House of Fraser, now holds 9.9 per cent of shares, up from 7.4 per cent at the start of the week. It follows an earlier investment on Tuesday.

Ashleys swoop has raised fresh questions over Asos, which is seen as a takeover target following a more-than-90per cent fall in its share price in little over two years.

Reports have suggested it was approached by Alibaba-backed Turkish fashion business Trendyol in December about a possible 1billion offer.