Mike Ashley's Frasers Group PLC (LSE:FRAS) has increased its stake in Hugo Boss after the German fashion company's share price dropped significantly this year.
Frasers now holds 1.74 million shares of common stock, representing 2.47% of Hugo Boss's total share capital, and 9.80 million shares through put options, representing a 13.92% stake.
This strategic investment brings Frasers' maximum exposure to Hugo Boss to approximately €360 million, or £305 million.
Frasers, which owns Sports Direct, House of Fraser, and Flannels, has been reducing its Hugo Boss holdings since initially acquiring a 10% stake in 2020.
Presumably seeing Hugo Boss stock as oversold after a 27% drop this year, Frasers turned buyer.
Frasers shares opened 5p lower at 870p.