Mike Ashley's Frasers Group, formerly Sports Direct, has taken a 5.1% stake in German label Hugo Boss through stocks and derivatives, continuing his drive to take the British sportswear and apparel retailer upmarket.
There's speculation that a successful sale of Newcastle United football club for £300 million could release cash for Frasers Group boss Mike Ashley to invest into the retail business and to buy more distressed brands.
Frasers Group is the latest UK retailer to issue a coronavirus statement and while it's shorter than some updates that other retailers have shared, it laid bare the uncertainty that the pandemic is causing at the moment.
When retail mogul Mike Ashley added House of Fraser to his portfolio in 2018, he spoke about converting the chain into the “Harrods of the high street”. And two years later, his vision is starting to take shape.