Mike ASHLEY Frasers Group confirmed yesterday that it has again increased its stake in luxury fashion brand Hugo Boss.

Frasers said he now owns 3.4 million shares – a 4.9% stake – in Hugo Boss and has call options on another 26% stake.

The group said its investment in the fashion brand is now worth around £770m.

Frasers said, “This investment reflects Frasers Group confidence in the Hugo Boss brand, strategy and management team.

“Fraser Group continues to intend to be a supportive stakeholder and create value for the benefit of both Frasers Group and Hugo Boss’ shareholders.”

He has increased his stake in Hugo Boss over the past two years, having bought a stake in the fashion company in 2020.

Frasers owns chains including Sports Direct and Frasers House.

Frasers also owns a stake in British luxury handbag maker Mulberry and has led a push into the high-end retail sector.

The group has taken over much of the high street in recent years as rivals have struggled to shift to online shopping, with the latest deal seeing it buy a fast fashion retailer Missguided out of administration.

Frasers struck a deal worth around £20million earlier this month to buy the business and assets of Missguided.

(c) 2022 City AM, source Newspaper