June 29, 2020 / 4:53 PM / 5 days ago

Mike Ashley's Frasers Group takes Hugo Boss stake over 10%

FILE PHOTO: The Hugo Boss logo is seen in Metzingen, Germany, June 16, 2017. REUTERS/Michaela Rehle/File Photo

LONDON (Reuters) - Mike Ashley’s Frasers Group, formerly Sports Direct, said on Monday it has raised its stake in German fashion house Hugo Boss (BOSSn.DE) to 10.1% through stocks and derivatives, part of his drive to take the British sportswear retailer upmarket.

Frasers (FRAS.L) first disclosed a 5.1% stake on June 12, saying the investment reflected its growing relationship with Hugo Boss and belief in its long-term future.

It said it now held 552,500 shares of common stock, representing 0.8% of Hugo Boss’s total share capital.

It also held 2,249,601 shares via contracts for difference and 4,260,000 shares via the sale of put options, together representing 9.3% of the German company’s share capital.

After taking into account the premium it will receive under the put options, Frasers said its maximum aggregate exposure was about 204 million euros (186 million pounds).

Reporting by James Davey

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