Frasers Group has once again upped its stake in German fashion brand Hugo Boss.
The UK retail group said Wednesday it now owns 3.4 million shares of common stock, representing a 4.9 percent stake in the brand, and 18.3 million shares of common stock via the sale of put options, representing a 26 percent stake.
The investment increases the group’s maximum exposure to Hugo Boss to approximately 900 million euros (770 million pounds).
Frasers Group, which owns brands Sports Direct, Flannels, House of Fraser and Jack Wills, said the investment reflects its “belief in the Hugo Boss brand, strategy and management team”.
The group initially invested in Hugo Boss in 2020 as part of its ongoing elevation strategy, which looks to reposition the group as a more up-market business. That same year, it also bought a stake in British luxury label Mulberry.
Since 2020, the group has upped its investment in Hugo Boss several times, most recently in April.
The group previously said a “key strategic priority for Frasers Group is the elevation of our retail proposition and building stronger relationships with premium third-party brands”.