Mike Ashley’s shopping spree continues with Hugo Boss | Business

Mike Ashley’s Frasers Group has increased its stake in Hugo Boss to about £840 million as the tycoon continues to expand his retail empire.

Frasers has lifted its exposure to Hugo Boss through shares and derivatives shortly after it emerged that the retail conglomerate had been quietly building a stake in Asos, the troubled fashion group.

Asos confirmed yesterday that Frasers had become its fifth largest shareholder. The group has been building its interest in the online fashion retailer for many months and now has a 5.1 per cent holding worth about £26 million.

Frasers has built a direct shareholding of 4.3 per cent in Hugo Boss and an indirect holding of 28.5 per cent through the sale of derivative contracts known as “put” options.