Battle of the billionaires looms as Mike Ashley's rival gains ground at Asos
A battle for control of Asos is brewing between two retail tycoons after Danish billionaire Anders Holch Povlsen moved closer to a takeover of the fast fashion retailer.
Mr Holch Povlsen and his family have increased their stake in Asos to just over 28pc, according to new filings.
The billionaire, who made his money in Danish retail and is now the biggest private landowner in Scotland, has cemented his position as Asos's largest shareholder and moved closer to the takeover threshold.
City rules dictate that any investor with a stake of more than 30pc in a business must make a formal takeover offer.
It sets the stage for a looming tug of war with rival retail billionaire Mike Ashley, who is Asos's second largest shareholder. His retail empire Frasers Group holds a 24pc stake in Asos and has also been increasing its investment, stoking speculation that Mr Ashley could be preparing for a takeover swoop.
The pair have also already clashed at Asos. In 2023, The Telegraph revealed that Frasers had offered to invest more into Asos in return for closer cooperation between the two businesses, including Asos using its buy-now-pay-later service Frasers Plus. Asos ultimately snubbed the offer in favour of an alternative investment backed by Mr Holch Povlsen.
It prompted frustration at Frasers, with executives questioning the 'thinking and decision making' at Asos in a letter to executives.
The two moguls have butted heads at other times in the past. In late 2020, Mr Ashley and Mr Holch Povlsen clashed over the collapse of Jenners, one of Scotland's oldest department stores. Both blamed each other for the retailer's demise.
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