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Expanding Mike Ashley empire invests in Hugo Boss and Asos 

The group's 35 brands include lingerie maker Agent Provocateur (pictured)

Mike Ashley’s fashion empire expands further as his son-in-law increases his stakes in Hugo Boss and Asos

  • Frasers Group, which owns Sports Direct, Jack Wills and Flannels, took its stake in Asos above 5%
  • And Frasers said he now has a 32.8% stake in luxury German fashion brand Hugo Boss, up from around 30% previously.
  • It’s the latest expansion of the sprawling empire now run by Ashley’s son-in-law, Michael Murray.

The group's 35 brands include lingerie maker Agent Provocateur (pictured)

The group’s 35 brands include lingerie maker Agent Provocateur (pictured)

Mike Ashley’s fashion empire continued its spending spree by buying pieces from Asos and Hugo Boss. Frasers Group, which owns Sports Direct, Jack Wills and Flannels, took its stake in Asos above 5%.

The move means Frasers is the struggling fast fashion retailer’s fourth largest shareholder. And Frasers said he now has a 32.8% stake in luxury German fashion brand Hugo Boss, down from around 30%.

It’s the latest expansion of the sprawling empire now run by Ashley’s son-in-law, Michael Murray. But the moves show the continued 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 meeting of shareholders last week, Ashley has a 69% stake and is still seen by many as being in charge behind the scenes.

His aggressive strategy has seen him rack up more wins than losses, and he was rewarded last month when Frasers joined the FTSE100 worth £3billion.

The group’s 35 brands include lingerie maker Agent Provocateur, Slazenger, Evans Cycles and Game.

And besides Hugo Boss and Asos, Frasers has significant stakes in luxury handbag maker Mulberry and Australian online fashion platform Mysale, which he is in the process of taking over.

In June, Frasers snatched collapsed fast fashion retailer Missguided out of administration for £20million. In February, he swooped on online company Studio Retail Group in a £27m deal.

Led by Managing Director Daniel Grieder, Hugo Boss is in the midst of an overhaul focused on refreshing core Hugo and Boss brands as part of a broader strategy to appeal to younger shoppers.

Asos had a torrid year as it battled the double whammy of soaring costs and shrinking consumers amid the rising cost of living. Last week it recorded a loss of £32million for the financial year ending August 31.

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