Fraser’s investment in Hugo Boss is the company’s second in just over a month.

In a filing to the London Stock Exchange, the Mike Ashley-owned business says it now has 1,500,000 shares of common stock, representing 2.1% of Hugo Boss’s total share capital, and 16,326,500 shares of common stock via the sale of put options, representing 23.2% of Hugo Boss’s total share capital.

“After taking into account the premium it will receive under the put options, Frasers Group’s maximum aggregate exposure in connection with its acquired interests in Hugo Boss, with the common stock holding valued at the closing share price on 7 April 2022, is approximately EUR715m (GBP600m),” Frasers Group says.

“This investment reflects Frasers Group’s belief in the Hugo Boss brand, strategy and management team. Frasers Group continues to intend to be a supportive stakeholder and create value in the interests of both Frasers Group’s and Hugo Boss’ shareholders.”

Frasers Group announced on 8 March it had upped its stake in the brand, taking its share holding at the time to about GBP390m (US$424m).

That followed a doubling of Frasers’ stake in Hugo Boss to 10.1% in June 2020 from the initial 5.1% it bought earlier that month. Hugo Boss then went on to hail 2021 a “highly successful” year as it booked a 43% jump in sales compared to 2020 to EUR2.8bn ($3.17bn)

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Hugo Boss has issued an upbeat outlook for fiscal 2022 despite concerns remaining over the Covid-19 pandemic and implications of a potential further escalation of the war in Ukraine. 

Last month, Frasers Group acquired Boucher Shopping Park in Belfast, Northern Ireland, as part of its commitment to investing in bricks-and-mortar property.