Announcing the investment in filing to the London Stock Exchange, Frasers Group said it now owns 4.5% of Hugo Boss‘s total share capital and 13.7% of Hugo Boss’s shares via the sale of put options.

The Mike Ashley-owned business added its shares in Hugo Boss now amount to about GBP390m.

“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,” the company said.

The move comes after Frasers’ doubled its stake in Hugo Boss to 10.1% in June 2020 from its initial 5.1% it bought earlier that month.

Hugo Boss recently hailed 2021 a “highly successful” year as it booked a 43% jump in sales compared to 2020 to EUR2.8bn ($3.17bn).

Meanwhile, Frasers Group recently acquired digital retailer Studio Retail Limited and certain other assets of Studio Retail Group Plc.

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Frasers Group said on 25 February it had acquired certain assets of Studio Retail Group Plc (SRG) and its main operating company Studio Retail Limited (SLRL) in a GBP26.8m (US$35.9m) cash deal.

SRG appointed Daniel Francis Butters and Daniel James Mark Smith of Teneo Financial Advisory Limited as joint administrators a day earlier, following the announcement of its intention to make such an appointment on 14 February.