Mike Ashley’s Frasers Group has increased its investment in Hugo Boss, raising its shares, via the sale of put options, to 13.7 percent.
The group, which owns the likes of Flannels and Sports Direct, also now holds 4.5 percent of Hugo Boss’ total share capital.
With the increase of its investment, Frasers Group now owns shares worth around 390 million pounds in the German fashion brand.
In a statement, the group said its interest in raising its investment “reflects Frasers Group’s belief in the Hugo Boss brand, strategy and management team”.
It added: “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.”
It comes as the company, which already boasts an expansive retail portfolio, continues to implement its elevation strategy, with the goal of expanding into the luxury industry and making the business more upmarket.