Frasers cuts stake in Hugo Boss

UK retailer Frasers Group said its maximum exposure to German fashion house Hugo Boss was £580m after it cut its stake in the company.

The company on Friday said it now holds 3.9% of Hugo Boss stock directly, down from 4.3% previously and a further 25% via the sale of put options, down from 28.5%.

Frasers, formerly Sports Direct and headed up by Mike Ashley, has been pursuing ambitious growth and expansion plans in recent months in an effort to move upmarket.

In October, it upped its investment into fast-fashion retailer Asos, becoming its fourth largest shareholder. At the same time, it announced it was increasing its maximum exposure to Hugo Boss to about £840m from £770m.