Mike Ashley's Frasers Group said today it has increased its maximum exposure to Hugo Boss to $937m and reiterated its support for the German fashion brand's strategy and management team.
Frasers was formerly called Sports Direct and is on a drive to move upmarket.
It said it now holds 4.9% of Hugo Boss stock directly and a further 26% of stock indirectly via the sale of derivatives known as put options.
The British sportswear and apparel retailer said its maximum aggregate exposure in connection with its interests was about €900m or £770m.
Frasers first took a stake in Hugo Boss in 2020 and has consistently stated its support for its management.
"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 said today.
Hugo Boss is a supplier to the group's House of Fraser and Flannels chains.
Mike Ashley stepped down as Frasers CEO last month. He remains an executive director and owns 69% of the equity.
He was succeeded as CEO by Michael Murray, his son in law.
