Frasers owns 4.3% of Hugo Boss shares directly Owns 28.5% through put options Frasers also discloses 5.1% stake in ASOS
LONDON, Oct 24 (Reuters) – Mike Ashley’s Frasers Group (FRAS.L) has increased its maximum exposure to German fashion house Hugo Boss (BOSSn.DE) to 840 million pounds ($954 million) and has built a participation of more than 5%. at British online fashion retailer ASOS (ASOS.L).
Frasers, formerly called Sports Direct, is in a push to move up in rank and said on Monday it now owns 4.3% of Hugo Boss shares directly and another 28.5% through the sale of derivatives known as options. selling.
A Frasers spokesperson also said the British sportswear and apparel retailer now owns more than 5% of ASOS. A subsequent regulatory filing said the stake was 5.1%.
Last Wednesday, ASOS, once the British poster child for the shift to online fashion retail, said it would review its business model after the economic crisis and a series of operational problems hit its profits.
Frasers first acquired a stake in Hugo Boss, a supplier to its House of Fraser and Flannels chains, in 2020.
“Frasers Group has a long history… of making strategic investments to develop relationships and partnerships with other retailers, suppliers and brands,” he said, adding that it has “broad ambitions” to expand in the UK and beyond.
The group this month disclosed a 4.5% stake in online clothing retailer N Brown (BWNG.L) and is also seeking full ownership of Australian online retailer Mysale (MYSL.L).
In June, Frasers acquired ASOS rival Missguided out of management for £20m. It also bought online retailer Studio Retail in February.
ASOS shares were up 2.1% at 0911 GMT, cutting 2022 losses to 78%. Frasers shares firmed 0.9%, while Hugo Boss shares rose 0.3%.
Ashley stepped down as Frasers chief executive in May and was succeeded by his son-in-law Michael Murray, but he still owns 69% of Frasers’ share capital.
($1 = 0.8804 pounds)
Reporting by James Davey Editing by David Goodman and David Holmes
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