(Alliance News) - Frasers Group PLC on Monday said it increased its investment in German fashion designer Hugo Boss AG to just under a third, while also confirming it has bought a 5% stake in UK online clothing retailer Asos PLC.
Frasers said it now owns 4.3% of the shares of Hugo Boss, while it additionally has a 28.5% interest via put options that it has sold. This gives Frasers a 32.8% interest, up from 30.9% previously.
Derbyshire-based department store operator Frasers said its maximum exposure for the Hugo Boss interest is EUR960 million, up from EUR900 million in June. Back then, it held a 4.9% stake via shares and a further 26% via options.
SportsDirect.com Retail Ltd owner Fraser said the holding in Hugo Boss is just "ordinary course of business" for the firm as it continues to seek "opportunities that strengthen Frasers Group's brand proposition".
"Frasers Group continues to see opportunities that strengthen Frasers Group's brand proposition and the recent acquisitions of Studio Retail Ltd, with its significant knowledge and experience in consumer credit, and Missguided, with its focus on Womenswear and its digital platforms, are examples of its drive to expand and acquire businesses and brands that can strengthen Frasers Group, and the connection to our consumers," Frasers added.
Missguided is a retailer aimed at women under 35. Its official name is MGL Realisations 2022 Ltd.
Separately on Monday, Frasers noted its acceptance level for its mandatory MySale Group PLC takeover offer is currently just under 60%, up from 51% last Tuesday, when Frasers announced its offer for MySale has become unconditional as it owned more than half of MySale shares. The closing date for the offer is November 1.
MySale operates e-commerce sites with a focus on the southern hemisphere, including nations such as Australia and New Zealand.
Meanwhile, Frasers on Wednesday last week bought a 5.1% stake in FTSE 250-listed online-retailer Asos, a filing showed on Monday. That would make Frasers the sixth largest shareholder in Asos, according to data from Morningstar.
Frasers shares were 0.6% higher at 625.00 pence each in London on Monday morning, while Hugo Boss was 0.4% higher at EUR47.03 in Frankfurt.
MySale shares were quoted at 1.90p each, down 16% from Friday. The Frasers offer is 2p.
Asos shares were up 1.7% to 518.50p each.
By Tom Budszus; tombudszus@alliancenews.com
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