22nd Jun 2022 09:04
(Alliance News) - Mike Ashley's Frasers Group PLC on Wednesday said it has increased its investment in German fashion firm Hugo Boss AG.
The House of Fraser and Sports Direct-owner first took a stake in Hugo Boss back in 2020. It most recently increased its investment in the Metzingen, Germany-headquartered firm in April 2022.
Frasers now holds 3.4 million shares of common stock, it said, representing 4.9% of Hugo Boss's share capital, and 18.3 million shares of common stock via the sale of put options, representing a further 26% stake.
The British retailer said its maximum exposure is now EUR900 million, based on the closing share price on Tuesday.
Shares in Hugo Boss closed at EUR48.39 each in Frankfurt on Tuesday, and on Wednesday morning they were down 0.5% to EUR48.14 each. Shares in Frasers were down 0.1% in London to 624.00 pence each.
"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," said Frasers.
By Sophie Rose; [email protected]
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