Mike Ashley-led Frasers has increased stake in German luxury fashion house Hugo Boss to 15.2 per cent through stocks and derivatives, part of Ashley's on-going drive to take the British sportswear retailer upmarket. Frasers, is raising stake for the second time increasing it to 10.1 per cent in late June after disclosing an initial 5.1 per cent holding earlier that month. The company said it now held 3.6 million shares of common stock, representing 5.1 per cent of Hugo Boss's total share capital. It also has 3.4 million shares via contracts for difference and 3.7 million shares via the sale of put options, which together represent 10.1 per cent of the Frankfurt-listed company's share capital.

Frasers said its maximum aggregate exposure relating to stake change was about €275 million after taking into account the premium it will receive under the put options. In mid-2020 the number was €204 million. This investment reflects Frasers Group's growing relationship with Hugo Boss and belief in Hugo Boss's long-term future. Frasers Group intends to be a supportive stakeholder and create value in the interests of both Frasers Group's and Hugo Boss' shareholders.