Mike Ashley's Frasers Group said on Friday it had increased its maximum exposure to German fashion house Hugo Boss to 875 million pounds ($980 million).

Frasers, which was formerly called Sports Direct and is on a drive to move upmarket, said it now holds 4.3% of Hugo Boss stock directly and a further 30.03% via the sale of derivatives known as put options.

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

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Frasers has a long history of making strategic investments to develop relationships with other retailers.