Frasers Group has upped its stake in Burberry once again, raising it to 7.42 percent, according to stock market filings.
LONDON — Frasers Group has upped its stake in Burberry once again, raising it to 7.42 percent from 6.32 percent, according to a stock market filing on Monday.
It is the second time in a week the acquisitive group has increased its shares in the British brand, which have fallen by around 10 percent over the past six months, and by almost 13 percent over the past year despite a successful turnaround strategy and growing sales under chief executive officer Josh Schulman.
Burberry‘s share price was up by 2 percent on Monday, trading at 10.44 pounds at 3:30 p.m. British Summer Time.
Like other investors, Frasers moves when it sees opportunity, and also likes taking stakes in brands that supply the group.
It has certainly been busy of late. Over the summer Frasers bought Harvey Nichols out of administration, increased its stake in Hugo Boss to nearly 50 percent and installed its CEO, Michael Murray, as chairman of the supervisory board of the German company.
It had tried — and failed — to launch a full takeover bid for Boss, and said later in a stock market filing that its plan is to eventually gain majority control of the company.
Frasers has also begun reorganizing its investments and last week, during Paris Fashion Week, unveiled Frasers Group Luxury, a portfolio of “distinctive luxury businesses, digital capabilities and investments with longstanding strategic brand partners at its core.”
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