Is the UK's Frasers Group about to make a bid for Hugo Boss? Some investors in the latter seem to think so as its shares jumped on Friday on speculation that shareholder Frasers has ambitions to take control.
Frasers Group has bought another company with the purchase of designer fashion retailer Psyche for an undisclosed sum. The company has a 40,000 sq ft shop in Middlesbrough, and a webstore, and employs 58 people in total.
Frasers Group is continuing its deep dive into the luxury sector. On Thursday it announced that it has increased its already-large stake in leather goods company Mulberry and could make an offer for the brand.
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.
It was a mix of the good and the bad as Sports Direct delivered its results on Thursday with the global retail giant clearly still a work-in-progress that's advancing in some areas, but also seeing a profits drop.
Sports Direct saw its profits taking a dive last year and currency effects are hitting margins hard. But new-gen stores, a deal with Asics and strong premium lifestyle and licensing ops give it reasons to be cheerful