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By
Reuters API
Published
Jan 20, 2021
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Mike Ashley's Frasers ups stake in Hugo Boss to over 15%

By
Reuters API
Published
Jan 20, 2021

Mike Ashley-led Frasers said on Tuesday it has increased its stake in German luxury fashion house Hugo Boss to 15.2% through stocks and derivatives, part of Ashley's ongoing drive to take the British sportswear retailer upmarket.


Boss - Spring-Summer2021 - Womenswear - Milan - © PixelFormula


Frasers, known as Sports Direct before its takeover of House of Fraser, is raising the stake for the second time having increased it to 10.1% in late June after disclosing an initial 5.1% holding earlier that month.

The company said it now held 3.6 million shares of common stock, representing 5.1% 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% of the Frankfurt-listed company's share capital.

Frasers said its maximum aggregate exposure relating to the stake change was about 275 million euros ($333 million) after taking into account the premium it will receive under the put options. In mid-2020 the number was 204 million euros.

"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," Frasers reaffirmed in a statement.

The company also holds a near 37% stake in Mulberry and has said it could make an offer for the British luxury brand.

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