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Mike Ashley's Frasers Group PLC on Wednesday said it has increased its investment in German fashion firm Hugo Boss AG.
The House of Fraser and Sports Direct-owner first took a stake in Hugo Boss back in 2020. It most recently increased its investment in the Metzingen, Germany-headquartered firm in April 2022.
Frasers now holds 3.4 million shares of common stock, it said, representing 4.9% of Hugo Boss's share capital, and 18.3 million shares of common stock via the sale of put options, representing a further 26% stake.
The British retailer said its maximum exposure is now €900 million, based on the closing share price on Tuesday.
Shares in Hugo Boss closed at €48.39 each in Frankfurt on Tuesday, and on Wednesday morning they were down 0.5% to €48.14 each. Shares in Frasers were down 0.1% in London to 624.00 pence each.
‘This investment reflects Frasers Group's belief in the Hugo Boss brand, strategy and management team. Frasers Group continues to intend to be a supportive stakeholder and create value in the interests of both Frasers Group's and Hugo Boss' shareholders,’ said Frasers.
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