The Sports Direct owner said it had an objective to take its stake above 50% of the overall share capital and voting rights of the business.
Mike Ashley’s Frasers Group has said it plans to take majority control of German fashion house Hugo Boss.
The Sports Direct owner confirmed it has built up its stake in the luxury business to 47.89% of the business after recent deals to acquire extra shares.
On Tuesday, the retail group – which recently snapped up Harvey Nichols – said it still intends to “further increase” its ownership of Hugo Boss.
The group said it has an objective to take its stake above 50% of the overall share capital and voting rights of the business, which would tighten its control on how the brand is run.
Frasers, which is majority-owned by billionaire Mr Ashley, said there is no certainty whether this objective will be achieved.
It also told shareholders that it is reviewing whether it supports the current chair of Hugo Boss’s supervisory board, Stephan Sturm.
Frasers’ chief executive Michael Murray is also a member of Hugo Boss’s supervisory board.
The FTSE 100 firm has steadily grown its stake in Hugo Boss since first investing in 2020, building its stake up to roughly 36% in July.
Frasers then launched a failed takeover attempt for the luxury business, offering to buy all shares in Hugo Boss it did not already own.
It offered to pay around 1.98 billion euro (£1.73 billion) for the remainder of the business, which would have meant paying about 38 euro per share to shareholders.
But Hugo Boss’s management and supervisory board said they felt the deal was “inadequate from a financial point of view” and recommended that shareholders do not accept it.
Frasers put the offer directly to shareholders, with shareholders worth 17.6% of the company accepting the terms, meaning the majority opted against the offer price.
It comes hot on the heels of Frasers’ acquisition of historic department store chain Harvey Nichols.
Harvey Nichols had gone under auction after warning in its latest accounts that it would need to “cease trading” within a year if it failed to secure new investment.
The rescue deal includes its six stores in Knightsbridge London, Manchester, Birmingham, Bristol, Leeds and Edinburgh, as well as its online business, product inventory, and around 1,000 workers.
