Mike Ashley’s Frasers Group raises its stake in Hugo Boss to €900m

British sporting goods billionaire Mike Ashley’s Frasers Group has raised its stake in fashion retailer Hugo Boss.

Frasers valued the new holding at about €900 million in a statement on Wednesday.

Mr Ashley has garnered a reputation for taking over failing retailers and building up stakes in rivals. Earlier this month, Frasers snapped up online brand Missguided after it entered UK insolvency proceedings.

German firm Hugo Boss is in the process of shifting its offerings toward more casual fashion. The investment “reflects Frasers Group’s belief in the Hugo Boss brand, strategy and management team”, the company said. Other Ashley investments have included video game retailer Game Digital and Jack Wills, an apparel supplier.

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Frasers said it has 3.4 million shares of common stock that make up 4.9 per cent of Hugo Boss’s total share capital, and another 18.3 million shares via the sale of put options that represent 26 per cent of the capital.

— Bloomberg