Sports Direct owner Frasers Group increases its stake in Hugo Boss

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Sports Direct owner Frasers Group increases stake in German luxury fashion brand Hugo Boss

By Daily Mail City & Finance Reporter

Published: 4:57 PM EDT, June 22, 2022 | Updated: 5:07 PM EDT, June 22, 2022

Sports Direct owner Frasers Group has increased its stake in luxury German fashion brand Hugo Boss.

The company run by Mike Ashley and his son-in-law Michael Murray said it owns 3.4 million shares, or a 4.9 percent stake, in Hugo Boss, and has options to buy another 26 percent stake.

The group said its investment in the fashion brand is now worth around £770m.

Stake: Frasers Group said it has 3.4 million shares or a 4.9% stake in Hugo Boss, and has options to buy another 26% stake.

Stake: Frasers Group said it has 3.4 million shares or a 4.9% stake in Hugo Boss, and has options to buy another 26% stake.

It marks Murray’s latest move since succeeding Ashley as Frasers chief executive last month. Ashley remains chairman and the largest shareholder with a 65 percent stake.

Murray, 32, recently married Ashley’s daughter Anna in a lavish wedding at Blenheim Palace, Oxfordshire.

Frasers said: ‘This reflects the group’s belief in the Hugo Boss brand, strategy and management team.

“Frasers Group continues with the intention of being a supportive stakeholder and creating value in the interest of Frasers Group and Hugo Boss shareholders.”

Frasers owns chains including Sports Direct, House of Fraser, Flannels, Game, Jack Wills and Evans Cycles.

He has been increasing his stake in Hugo Boss since buying a stake in the fashion house in 2020.

Frasers also owns a stake in British luxury handbag maker Mulberry and has been leading a push into luxury retail.

The group has been taking over much of the high street and retail sector in recent years as rivals have struggled amid a shift to online shopping.

His latest coup was to remove fast-fashion retailer Missguided from administration.

Frasers closed a deal, worth around £20m, this month to buy the business and assets of Missguided and sister brand Mennace.

Murray’s promotion to CEO has drawn attention.

And while Ashley remains chairman and the largest shareholder with a 65 percent stake, in an interview last month Murray insisted he was the one in charge.

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