Source: Sharecast
In a statement released after markets had closed on Wednesday, Frasers said it had sold a number of put options in the Frankfurt-listed business.
As a result, it now owns 13.5m shares, or 19.2% of the total share capital, and up to 16.7m shares through put options, representing 23.7% of the total share capital.
The company said it now had a maximum aggregate exposure in connection to Hugo Boss of around €1.02bn.
If all the put options were exercised, it would take Frasers’ stake to a significant 42.9%.
However, the British retailer looked to rule out any desire to take full control of the business, noting: "The company remains a long term investor in Hugo Boss, and the board of directors…believes that the Hugo Boss strategic investment will create value for shareholders, as [it has] done in the past."
Frasers, which owns Sports Direct, Evans Cycles and Everlast, among others, first invested in the brand in 2020 by taking a 5.1% stake.
Chief executive Michael Murray - Ashley’s son-in-law - is seeking election to Hugo Boss’s supervisory board at May’s annual shareholder meeting.