(Alliance News) - Frasers Group PLC on Monday said its investment in the shares of German fashion designer Hugo Boss AG is now 4.3%, while it additionally has a 28.5% interest via put options that it has sold.
Derbyshire-based department store operator Frasers said its maximum exposure for the 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 is just the "ordinary course of business" for the firm as it continues to seek "opportunities that strengthen Frasers Group's brand proposition".
"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 [Frasers Group's] 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, following a name change in July.
Separately, 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.
Frasers shares were 0.9% higher at 626.50 pence each in London on Monday morning, while Hugo Boss traded 2.1% higher at EUR47.79 in Frankfurt. MySale shares fell 16% to 1.90p each.
By Tom Budszus; tombudszus@alliancenews.com
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Frasers Group (FRAS)
