Frasers group further increases its stake in Hugo Boss

British retail group Frasers Group plc has come one small step closer to a majority stake in the Metzingen-based fashion company Hugo Boss AG.

On Monday, the German apparel provider stated in a regulatory filing that Frasers Group had increased its stake from just under 47.9 percent to 48.8 percent. At the same time, however, the retailer reportedly reduced the additional share of Hugo Boss stock controlled indirectly via put options from 29.7 percent to just under 22.2 percent.

The British group has been seeking to take over Hugo Boss for months. In the summer, it made a voluntary takeover bid. Although this allowed it to significantly increase its stake, it narrowly missed a majority. The group subsequently reaffirmed its intention to cross the 50 percent threshold through further share purchases.

The group has since further expanded its influence at Hugo Boss. Frasers' CEO Michael Murray was elected chairman of the supervisory board of Hugo Boss AG just over a month ago. Shortly after, chief financial officer Yves Müller left the company. Ivica Maric succeeded him as chief financial officer (CFO) and chief operating officer (COO) on October 1.