Mike Ashley's Frasers Group Confronts Asos Board in Latest Retail Dispute
Mike Ashley's Frasers Group has taken a confrontational stance against the board of online fashion retailer Asos, voting against key resolutions at the company's general meeting. This move has sparked concerns that the high street magnate could instigate further disruptions at listed companies across the UK retail sector.
Disruptive Votes Cast at Asos AGM
On Friday afternoon, Asos successfully passed various company resolutions, but Ashley's group sought to undermine the proceedings with opposition votes. According to reports, Frasers Group, which holds a significant 25 per cent stake in Asos, opposed the re-election of the Asos board. This includes prominent figures such as chief executive José Antonio Ramos Calamonte and chairwoman Natasja Laheij.
In addition to the board re-election, Ashley's group voted against the approval of Asos's annual report and accounts for the financial year ending in August 2025. The motions to re-appoint PwC as the company's auditor and to authorise political donations were also rejected by Frasers Group.
Asos Responds with Confidence
Following the meeting, Asos chair Natasja Laheij expressed satisfaction that the resolutions were "supported by a significant majority of shareholders." She highlighted the company's progress, stating, "ASOS made meaningful progress against its plans in the financial year of 2025, and we are confident in our continued progress in the year ahead." Laheij emphasised ongoing engagement with shareholders, focusing on driving long-term value.
Mike Ashley's Expanding Influence in Retail
Ashley's group has been increasingly active in the retail landscape, taking keen interests in companies such as Boohoo, Mulberry, and Hugo Boss through strategic shareholdings. Notably, Frasers Group has increased its stakes in both Asos and Boohoo, fuelling speculation that Ashley may be considering a merger between the two fashion retailers.
This development occurs against a backdrop of intense change in the UK retail market, exemplified by Next's recent acquisition of Russell & Bromley. Ashley has also made financial moves in the property sector, acquiring an interest in FTSE 250 firm Grainger through a spread bet, allowing him to profit from stock price movements without the tax or legal implications of direct share ownership. However, he does not hold voting rights in Grainger.
Neither Frasers Group nor Asos provided comments on the specific votes cast against the resolutions at the meeting, leaving the retail industry to watch closely for further developments in this ongoing corporate saga.
