Expanding empire Mike Ashley invests in Hugo Boss and Asos

Mike Ashley’s fashion empire continued to spend money, snapping up pieces from Asos and Hugo Boss. Frasers Group, which owns Sports Direct, Jack Wills and Flannels, has taken its stake in Asos to more than 5 per cent.

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

It is the latest expansion of the sprawling empire now run by Ashley’s son-in-law Michael Murray. But the moves show the lasting influence of Ashley, who built the retail giant from a single Sports Direct store in Maidenhead in 1982.

Despite ​​resigning from the Frasers board at the company’s annual shareholder meeting last week, Ashley owns a 69 per cent stake and is still seen by many as making decisions behind the scenes.

His aggressive strategy has resulted in more wins than losses and he was rewarded last month when Frasers returned to the FTSE100 worth £3bn.

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

As well as Hugo Boss and Asos, Frasers has significant stakes in luxury handbag maker Mulberry and Australian online fashion platform Mysale, which it is absorbing.

In June, Frasers took the collapsed fast fashion retailer Missguided out of administration for £20m. In February it closed a £27m deal for online firm Studio Retail Group.

Hugo Boss, led by chief executive Daniel Grider, is in the midst of a revamp aimed at refreshing the core Hugo and Boss brands as part of a wider strategy to attract younger shoppers.

Asos has had a tough year as it grapples with the double whammy of soaring prices and cutbacks amid a rising cost of living. Last week it posted a £32m loss for the financial year to August 31.