The group’s 35 brands include lingerie maker Agent Provocateur (pictured)
Mike Ashley’s fashion empire has continued its spending spree by snapping up chunks of Asos and Hugo Boss. Frasers Group, which owns Sports Direct, Jack Wills and Flannels, took its stake in Asos above 5 per cent.
The move means Frasers is the struggling fast-fashion retailer’s fourth biggest shareholder. And Frasers said it now owns a 32.8 per cent stake in the luxury German fashion brand Hugo Boss, up from around 30 per cent.
It is the latest expansion of the sprawling empire now run by Ashley’s son-in-law Michael Murray. But the moves show the ongoing influence of Ashley, who built the retail giant from a single Sports Direct store in Maidenhead in 1982.
Despite stepping down from Frasers’ board at the company’s annual shareholder meeting last week, Ashley owns a 69 per cent stake and is still believed by many to be calling the shots behind the scenes.
His aggressive strategy has seen him notch up more wins than losses, and he was rewarded last month when Frasers rejoined the FTSE100 with a £3bn value.
The group’s 35 brands include lingerie maker Agent Provocateur, Slazenger, Evans Cycles and Game.
And as well as Hugo Boss and Asos, Frasers has significant stakes in luxury handbag maker Mulberry and Australian online fashion platform Mysale, which it is taking over.
In June, Frasers plucked collapsed fast-fashion retailer Missguided out of administration for £20m. In February it swooped on online firm Studio Retail Group in a £27m deal.
Led by chief executive Daniel Grieder, Hugo Boss is in the midst of a revamp focused on refreshing the main Hugo and Boss brands as part of a wider strategy to attract younger shoppers.
Asos has had a torrid year as it battles the double whammy of soaring costs and consumers cutting back amid the rising cost of living. Last week it posted a £32m loss for the financial year to August 31.
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