Bestseller owner raises Asos stake, now just short of takeover bid threshold

By

Barbara Santamaria

Published
Mar 15, 2017

Danish apparel group Bestseller's owner Troels Holch Povlsen has increased its stake in Asos to 29% according to regulatory filings submitted on Tuesday.

He used the Aktieselskabet af 5.5.2010 investment vehicle to complete the purchase, taking the stake to just below the 30% mark that would trigger a mandatory bid for the company.

The owner of the Danish fashion retailer has been steadily increasing his stake in pureplay e-tail giant Asos for years, rising from under 6% to 27.6% between 2010 and 2016. Bestseller was seen as a potential buyer for the online platform in 2011, but ruled out a full offer.

The holding company is the largest shareholder in Asos, with The Capital Group Companies, which holds a 10.38% stake being the second largest. Bailie Gifford on 8.7% and Nick Robertson on 6.59%, who founded the site in 2000, are third and fourth.

It also has a stake in Zalando and owns several contemporary fashion brands such as Jack & Jones, Vero Moda, Selected and Only.