Mike Ashley confronts Asos board in latest retail row
Mike Ashley’s Frasers Group voted against resolutions at online fashion retailer Asos’s general meeting, sparking fears that the high street magnate could prompt further disruptions at listed companies.
Various company resolutions were passed by Asos on Friday afternoon but Ashley looked to spoil the party with disruptive votes in meetings, it has been reported.
The group’s representatives, which has a 25 per cent stake in Asos, opposed the re-election of the Asos board, according to The Times.
Board members include chief executive José Antonio Ramos Calamonte and chairwoman Natasja Laheij.
Ashley’s group also voted against the approval of the retailer’s annual report and accounts for the financial year to August 2025.
Motions to re-appoint PwC as its auditor and to allow the company to make political donations were also voted down.
After the meeting, Asos chair Natasja Lahij said she was pleased that resolutions were “supported by a significant majority of shareholders”.
“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 said.
“We will continue to engage in constructive dialogue with shareholders, with a clear focus on driving long‑term shareholder value.”
Mike Ashley gets active
Ashley’s group has recently taken active interests in developments at Boohoo, Mulberry and Hugo Boss through its shareholdings.
It has increased its stakes in Asos and Bohoo, adding to speculation that Ashley is looking to merge the two companies.
The UK retail market is facing intense change, with Next completing its acquisition of Russell & Bromley.
Ashley also acquired interest in the FTSE 250 property firm Grainger in a financial move known as a spread bet, allowing him to profit from the company’s stock price without facing tax bills or legal hurdles of owning shares.
Ashley does not have voting rights in Grainger.
Frasers and Asos did not comment on the votes cast against the resolutions at the meeting.