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Bloomberg
British sporting goods billionaire Mike Ashley’s Frasers Group Plc raised its stake in fashion retailer Hugo Boss AG, ramping up its exposure to the German retailer as it works on a rejuvenation effort.
Frasers valued the new holding at about 900 million euros ($944 million) in a statement, two years after first investing about 108 million euros in the maker of Hugo athleisure leggings.
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.
Hugo Boss is in the process of shifting its offerings towards more casual fashion. The investment “reflects Frasers Group’s belief in the Hugo Boss brand, strategy and management team,†the company said.