Mike Ashley’s Sports Direct have increased their stake in French Connection, now holding a 27% stake in the global fashion retailer. The move brings them closer to the amount at which they would have to launch a takeover bid in line with takeover rules, a shareholder owning shares worth 30% or more of a company’s stock must launch a formal takeover bid. Speaking on the move from Sports Direct, French Connection said: “Sports Direct is recognising the value that is in French Connection shares. We cannot comment on what their plans are.”