June 25, 2020 / 12:01 PM / 14 days ago

Mike Ashley's Frasers looks to grow Hugo Boss stake - report

FILE PHOTO: General view shows a Sports Direct shop in Aylesbury, as the spread of the coronavirus disease (COVID-19) continues, in Buckinghamshire, Britain March 24, 2020. REUTERS/Eddie Keogh/File Photo

BERLIN (Reuters) - Mike Ashley’s Frasers Group (FRAS.L), formerly Sports Direct, is looking to build a 10% stake in German fashion house Hugo Boss (BOSSn.DE) and gain a seat on the supervisory board, a magazine reported on Thursday.

Earlier this month, Frasers said it has taken a 5.1% stake in Hugo Boss through stocks and derivatives as it continues Ashley’s drive to take the British sportswear and apparel retailer upmarket.

Frasers said the investment reflected its growing relationship with Hugo Boss and belief in its long-term future.

Citing unnamed sources, Germany’s Manager Magazin reported on Thursday that Ashley wanted to extend that stake to 10% and seek a board seat.

Frasers and Hugo Boss were not immediately available for comment.

Ashley’s long-stated desire is to make Frasers the “Selfridges of sport”, emulating the status of the department store on London’s Oxford Street. Buying other businesses and strategic stakes forms part of that plan.

He bought department store chain House of Fraser in 2018, which counts Hugo Boss as a supplier, as does Frasers’ Flannels chain.

Reporting by Emma Thomasson; editing Barbara Lewis

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