Frasers Group ups stake in Hugo Boss
Retailer Fraser Group said on Wednesday that it had recently increased its investment in fashion designer Hugo Boss.
Frasers upped its stake in Hugo Boss to 3.42m shares of common stock, representing 4.9% of the company's total share capital, and 18.28m shares of common stock via the sale of put options - a further 26.0% of the group's total share capital.
The FTSE 250-listed group noted that after taking into account the premium it will receive under the put options, its maximum aggregate exposure in connection with its acquired interests in Hugo Boss was approximately €900.0m (£770.m).
"This investment reflects Frasers Group's belief in the Hugo Boss brand, strategy, and management team. Frasers Group continues to intend to be a supportive stakeholder and create value in the interests of both Frasers Group's and Hugo Boss' shareholders," said Frasers.
As of 0925 BST, Frasers shares were down 0.80% at 619.50p.
Reporting by Iain Gilbert at Sharecast.com