Expanding Mike Ashley empire invests in Hugo Boss and Asos 

Mike Ashley’s fashion empire has continued to spend money buying pieces of Asos and Hugo Boss. Frasers Group, owner of Sports Direct, Jack Wills and Flanels, took its stake in Asos of more than 5 percent.

The move means Frasers is the fourth largest shareholder in the struggling fast-fashion retailer. And Frasers said it now owns a 32.8 percent stake in luxury German fashion brand Hugo Boss, down from about 30 percent.

It is 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 out of a single Sports Direct store in Maidenhead in 1982.

Despite Ashley stepping down from the board at Frasers’ annual shareholder meeting last week, Ashley owns a 69 percent stake and is still considered by many to be the one behind the scenes.

His aggressive strategy has brought him more wins than losses, and he was rewarded last month when Frasers rejoined the £3bn FTSE100.

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

And in addition to Hugo Boss and Asos, Frasers has significant stakes in luxury handbag maker Mulberry and Australian online fashion platform Mysale, which it is acquiring.

In June, Frasers plucked collapsed fast-fashion retailer Missguided from its records for £20 million. In February, online company Studio Retail Group surfaced in a £27 million deal.

Led by CEO Daniel Grieder, Hugo Boss is in the midst of a renewal that aims to revamp key Hugo and Boss brands as part of a broader strategy to attract younger shoppers.

Asos has had a scorching year as it fights the double whammy of rising costs and consumers austere amid the rising cost of living. Last week it posted a loss of £32 million for the fiscal year to 31 August.