British retail giant Frasers Group has increased its stake in fashion e-tailer Asos to nearly 17 percent.
In a filing to The Stock Market on Monday, the group said it has increased its holdings of shares in Asos from 10.5 percent to 16.8 percent.
It comes as Asos’ share price continues to drop as the retailer faces falling demand.
In its most recent trading update for the three months to May 31, sales fell 11 percent to 858.9 million pounds.
On a brighter note, the company swung to a profit in the same period, with adjusted earnings before interest and tax (EBIT) up more than 20 million pounds year-on-year.
The company said in June it was on-track to deliver adjusted EBIT guidance of between 40 million pounds and 60 million pounds in the second half of FY23.
This is the latest in a string of investments by Frasers Group as it continues to expand its retail empire.
In recent months the company has also upped its stakes in Boohoo and N Brown.