Mike Ashley’s Frasers Group said on Wednesday it has increased its maximum exposure to Hugo Boss to $937 million and reiterated its support for the German fashion brand’s strategy and management team.

Frasers, which was formerly called Sports Direct and is on a drive to move upmarket, said it now holds 4.9 percent of Hugo Boss stock directly and a further 26 percent of stock indirectly via the sale of derivatives known as put options.

The British sportswear and apparel retailer said its maximum aggregate exposure in connection with its interests was about €900 million or £770 million ($937 million).

Frasers first took a stake in Hugo Boss in 2020 and has consistently stated its support for its management.

“This investment reflects Frasers Group’s belief in the Hugo Boss brand, strategy and management team. Frasers Group continues to intend to be a supportive stakeholder and create value in the interests of both Frasers Group’s and Hugo Boss’ shareholders,” Frasers said on Wednesday.

Hugo Boss is a supplier to the group’s House of Fraser and Flannels chains.

Shares in Frasers were flat at 07:57 GMT, while shares in Hugo Boss were down 0.5 percent.

Ashley stepped down as Frasers CEO last month. He remains an executive director and owns 69 percent of the equity.

He was succeeded as CEO by Michael Murray, his son in law.

By Paul Sandle and James Davey; Editors: Kate Holton and Elaine Hardcastle

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Frasers Ups Stake in Hugo Boss to Over 15 Percent

Mike Ashley-led Frasers said it has increased its stake in German luxury fashion house Hugo Boss to 15.2 percent through stocks and derivatives, part of Ashley’s ongoing drive to take the British sportswear retailer upmarket.