Frasers Group ups stake in Hugo Boss

Frasers Group has increased its stake in German fashion brand Hugo Boss, the UK retailer confirmed on Thursday.

The owner of Sports Direct said it now owned 5.6m shares, representing 7.99% of Hugo Boss’s total share capital, as well as 9.7m shares, or 13.81%, via the sale of put options.

Based on the Wednesday’s closing share price, Frasers said its maximum aggregate exposure in Hugo Boss was around €490m.

The London-listed firm, founded by billionaire Mike Ashley, has long been known for its acquisitive approach. As well as snapping up a variety of retailers and brands, it has also taken a number of so-called strategic stakes in key partners and suppliers.

Its portfolio now includes House of Fraser, Flannels, Evans Cycles, Sofa.com and Jack Wills, among others.

Frasers first started acquiring shares and derivatives in Frankfurt-listed Hugo Boss in June 2020. The German group is a significant supplier to luxury goods retailer Flannels.