Billionaire Mike Ashley’s Frasers Group continues to buy online and on the high street, with its portfolio now comprising 5% ASOS and 28.5% Hugo Boss.

Frasers Group Plc, which owns House of Fraser and Sports Direct, said it owned 5.1% of the online fashion site in an announcement on the London Stock Exchange.

The group is now the fourth largest shareholder in ASOS following the latest share purchase.

Frasers Group already acquired a smaller stake in the retailer earlier this year.

ASOS is going through a tough time. Just last week it reported slowing sales and a £32m pre-tax loss for the year to August.

This is recently approached the banks behind its £350m revolving credit facility to secure an amendment to the loan agreement.

Also announced on Monday morning was Frasers Group’s increased stake in German fashion company Hugo Boss.

Frasers Group said it owns 4.3% of Hugo Boss shares directly and a further 28.5% through put options, a financial instrument. Holding put options does not mean obtaining increased voting rights in the company and does not contribute to increased ownership.

She now owns £840 million worth of Hugo Boss shares.

Frasers Group has stakes in homewear brands including Everlast and Jack Wills.

In the summer, she acquired the fast fashion brands I Saw it First and Missguided.

In the Hugo Boss announcement on Monday morning, Frasers Group said it “continues to see opportunities that strengthen the Frasers Group brand proposition”.

“Frasers Group has broad ambitions to grow the business within and beyond the UK and is constantly exploring the potential for further expansion.”

In September Mike Ashley has announced that he is stepping down as a director of Frasers Group, a retail empire that traces its origins to Sports Direct, the business he founded. He remains its controlling shareholder.