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LONDON, Oct 24 (Reuters) – Mike Ashley’s Frasers Group FRAS.L has increased its maximum exposure to German fashion house Hugo Boss BOSSn.DE to 840 million pounds ($954 million), it said on Monday.
Frasers, formerly called Sports Direct, is on a drive to move upmarket and now holds 4.3% of Hugo Boss stock directly and a further 28.5% via the sale of derivatives known as put options.
The British sportswear and apparel retailer first took a stake in Hugo Boss in 2020.
Frasers said it has a long history of making strategic investments to develop relationships and partnerships with other retailers, suppliers and brands.
Ashley owns 69% of Frasers’ equity.
($1 = 0.8804 pounds)
(Reporting by James Davey Editing by David Goodman )
((james.davey@thomsonreuters.com))
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