Mike Ashley’s retail empire Frasers Group has increased its stake in the luxury fashion brand Hugo Boss.
Frasers Group announced today in a statement on the London Stock Exchange that it has upped its investment in the business, bringing its shares in the company to a total of €360m (£305m).
Frasers Group said it now holds 2.47% of Hugo Boss’ total share capital as well as 13.92% of “common stock via the sale of put options”.
Hugo Boss’ stock price has reportedly risen 0.6% since the announcement.
The news comes after Frasers reduced its stake in the business last January, dropping its holding from 4.3% to 3.9%, equivalent to £580m.
Shares slumped at Hugo Boss by almost 10% last month after the business noted weak demand in China, as well as concerns regarding consumer sentiment in the US.
Despite this, Hugo Boss reported a 5% increase in group sales to €1.01m (£860m) as well as a 6% increase in EBIT to reach €69m (£58.9m) during the first quarter.
The fashion retailer also confirmed its outlook for the full year.
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