Ashley’s Frasers Group raises stakes in Hugo Boss, Asos

Asos shares surged as much as 10%, while Hugo Boss rose about 0.2%

Mike Ashley remains majority shareholder at Frasers, which also owns the luxury Flannels chain.

Mike Ashley’s Frasers Group is continuing a strategy of taking bets on rivals, with the sportswear retailer increasing its holdings at fashion brand Hugo Boss and online platform Asos.

Frasers said it now had a strategic stake of 32.8% in Hugo Boss, valued at €960m. That’s up from €900m in June.