UK businessman Mike Ashley has built a stake of more than 5% in online fashion retailer Asos Plc, the Telegraph reported on Saturday, citing market sources.

The billionaire's sportswear and fashion retail company, Frasers Group Plc, notified Asos on Friday that it had become a significant shareholder in the company, the report said.

The move makes Frasers the fourth-biggest shareholder in Asos.