House of Fraser and Sports Direct owner Frasers Group said on Monday that it has increased its stake in German fashion brand Hugo Boss to 32.8%.
Frasers now owns around 3.025m shares of common stock, representing a 4.3% interest in Hugo Boss, and 20.09m shares of common stock via the sale of put options, which is a stake of 28.5%.
“Frasers Group has extensive ambitions to grow the business inside and outside of the UK and is constantly exploring the potential for further expansion,” it said. “Accordingly, Frasers Group’s board of directors believe that the acquisition of direct and/or indirect strategic stakes within Hugo Boss, are in the ordinary course of business of the company.”
Over the weekend, The Telegraph reported that Mike Ashley’s Frasers had bought a stake of more than 5% in UK fast fashion retailer Asos. It cited market sources as saying that Frasers had notified Asos late on Friday that it had become a significant shareholder.
