Asos shares drop 5% as largest investor offloads stake

BEN STEVENS | September 28, 2018

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Asos’ largest investor Bestseller United has offloaded more than 2 million shares in the online retailer.The Danish firm, which is understood to have owned 29.4 per cent of the company, sold a 2.4 per cent stake in the business yesterday. Despite the sale, the firm said it had no intention of dropping its stake in the company to below 25 per cent.In July Goldman Sachs raised its rating from “neutral” to “buy”, sending share prices rallying.In a note to clients, the US investment bank said they expected to see Asos’ full year sales jump 24 per cent, coming in at the high end of Asos’ own guidance.It added that it expects growth to accelerate in the US and Asos to expand its penetration in Europe, leading to hit sales of between £4.5 billion and £7 billion between 2021 and 2024.The news of the sale sent share prices dropping 5.2 per cent.

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Based in Santa Monica, CA, Foodstirs was co-founded by successful entrepreneurs Galit Laibow, Greg Fleishman and actress and author Sarah Michelle Gellar. Foodstirs is remaking the baking mix category with USDA Organic and Non-GMO Project Verified baking mixes that are superior on every level. The brand meticulously creates its recipes based on four core principles: ultra-sustainability, easy-to-make, affordably priced and incredibly delicious from-scratch taste. In addition to regenerative and direct-sourced ingredients like Biodynamic(r), the brand uses organic identity-preserved unbleached heirloom flour.

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