Mike Ashley's Frasers Group has again increased its stake in high-end label Hugo Boss as the British fashion group pushes forward with its elevation strategy. Frasers Group, which owns brands Sports Direct, Flannels, House of Fraser and Jack Wills, announced late on Thursday it has increased its stake in the German brand and now owns 1.5 million shares of its common stock, representing 2.1 percent of its total share capital. It also now owns 16.3 million shares of Hugo Boss' common stock via the sale of put options, representing 23.2 percent of its total share capital. Frasers said that, taking into account the premium it will receive under the put options, its maximum aggregate exposure in connection with its acquired interests in Hugo Boss is now approximately 715 million euros or 600 million pounds.