Mike Ashley's Frasers Group buys Hugo Boss stake

Mike Ashley's Frasers Group , formerly Sports Direct, has taken a 5.1% stake in German fashion house Hugo Bossthrough stocks and derivatives, continuing his drive to take the British sportswear and apparel retailer upmarket.Frasers said on Friday the investment reflected its growing relationship with Hugo Boss and belief in its long-term future."Frasers Group intends to be a supportive stakeholder and create value in the interests of both Frasers Group's and Hugo Boss' shareholders," it said.