Frasers Group plc said Wednesday that has increased its investment in Hugo Boss AG.
“This investment reflects Frasers Group’s growing relationship with Hugo Boss and belief in Hugo Boss’s long-term future. Frasers Group intends to be a supportive stakeholder and create value in the interests of both Frasers Group’s and Hugo Boss’ shareholders,” Frasers Group said.
The investment has a maximum aggregate exposure of 245 million pounds ($334.7 million). The company initially took a 5.1 percent stake in June, raising that to 10.1 percent stake a few weeks later. The current holding is 15.2 percent through a combination of stocks and derivatives.
Frasers is led by Mike Ashley, and was formerly Sports Direct before it took over House of Fraser.
Ashley is said to be in the bidding for the assets of bankrupt Arcadia Group. He’s also been mentioned as having an interest in bankrupt Debenhams.
Earlier this year, Ashley’s Frasers Group acquired apparel retailer Psyche. And last year, in August, Frasers Group acquired 71 locations of bankrupt DW Sports, a sports retailer and gym operation.