Mike Ashley's Frasers Group increases Hugo Boss investment

Mike Ashley's Frasers Group has increased its investment in German fashion house Hugo Boss, now holding 3.1 million shares, representing 4.5% of Hugo Boss's total share capital.

The Derbyshire-headquartered group also holds 9.7 million shares via the sale of put options, representing 14% of shares in issue.

Taking the new shares into account, the group, which owns Flannels, House of Fraser, Jack Wills, USC, Cruise and Sports Direct, now hold shares worth approximately £390 million in Hugo Boss.

A statement to the London Stock Exchange said: "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."

Last month, the group added value online retailer Studio Retail Group to its expansive retail portfolio in a £26.8 million deal.