Frasers Group, the retail conglomerate owned by billionaire Mike Ashley, has increased its stake in Hugo Boss, further solidifying its hold on the German fashion giant.
The group, which owns Sports Direct and House of Fraser, has raised its shareholding in Hugo Boss to over 32%, as reported by .
In a statement, Frasers Group described its acquisition of Hugo Boss AG shares as a "continues to consider the acquisition of shares Hugo Boss AG as a strategic investment."
The group also indicated that it may consider purchasing additional shares over the next year, depending on market and company developments.
Frasers Group, founded by Mike Ashley – an investor in City AM's parent company, THG Ingenuity – stated that it "is not currently seeking to make any significant changes" to Hugo Boss' capital structure.
However, it did suggest that Hugo Boss should redeem all treasury shares currently held.

Mike Ashley's empire wants dividend scrapped
In the same statement, Mike Ashley's empire expressed its belief that Hugo Boss' share price is "undervalued", suggesting that the management and supervisory board "should focus on shareholder value through the increase of its share price as opposed to dividend payments".
Frasers Group voiced its disagreement with Hugo Boss' current dividend policy, stating that no dividends should be paid "at this time".
The group argued that the retained cash "would better support Hugo Boss' long-term growth and financial flexibility".
Consequently, Frasers Group has stated its intention to vote against any proposed dividend.
The rise in Frasers Group's shareholder comes after its CEO Michael Murray, who is also Mike Ashley's son-in-law, joined the supervisory board of Hugo Boss in May.
Earlier this week, the group replaced its existing £1.65 billion financing facilities with a new £3 billion term loan and revolving credit facility.
This potential £3.5 billion war chest includes an option to increase borrowing by an additional £500 million.
Hugo Boss hits back at Frasers Group
In response to Frasers Group, Hugo Boss stated: "Hugo Boss acknowledges the perspectives shared by Frasers Group and appreciates their continued engagement."
"We maintain an active and constructive dialogue with all our shareholders, seeking and valuing their views as we strive for meaningful shareholder value creation."
"Our existing capital allocation approach reflects a balance between growth investments and shareholder participation."
The managing board and supervisory board of Hugo Boss have initiated a process to develop a new strategy to succeed 'Claim 5' and build on its achievements.
"This strategy will focus on sustainable profitable growth. In addition, it will include a careful evaluation of all aspects of capital allocation to continuously align shareholder interests with the company's long-term objectives."
"It remains our intention to share this strategy with the capital market in the final quarter of 2025."
"Whilst we have not seen any downside in keeping the 1.4m treasury shares acquired under the share buyback program between 2004 and 2007, we are now assessing prerequisites for their potential redemption. At present, Hugo Boss has no plans to utilise these shares."