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Mike Ashley’s Frasers Group has increased its stake in luxury German fashion brand Hugo Boss once again.
Frasers said it now has 3.4 million shares – a 4.9% stake – in Hugo Boss and holds buy options over another 26% shareholding.
The group said its investment in the fashion brand is now worth around 900 million euros (£770 million).
Frasers said: “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.”
Frasers owns chains including Sports Direct, House of Fraser, Flannels, Game, Jack Wills and Evans Cycles.
It has been building up its holding in Hugo Boss for the past two years, having first bought a holding in the fashion firm in 2020.
Frasers also owns a stake in British luxury handbag maker Mulberry and has been leading a push into the upmarket retail sector.
The group has been snapping up much of the high street and retail sector in recent years as rivals have struggled amid a shift to online shopping, with the latest deal seeing it buy fast fashion retailer Missguided out of administration.
Frasers sealed a deal, worth around £20 million, earlier this month to buy the business and assets of Missguided, as well as sister brand Mennace.