Mike Ashley’s investments double to £1bn thanks to Hugo Boss shares
The total value of the stakes Mike Ashley’s empire holds in the likes of Hugo Boss, AO World and Boohoo have doubled to £1bn in just over a year, it has been revealed.
According to the group’s latest financial results, which have been filed with the London Stock Exchange, the value of its investments in a range of household names surged from £495.4m to £959.1m in the year to 27 April, 2025.
The value of its investment in Hugo Boss – which increased from £30.6m to £413.7m in the period – has since been upped again when the group grew its stake to 32 per cent earlier this month.
Frasers Group’s investment in THG plc also surged from £500,000 to £44.4m in the year and the value of its holding in Marks Electrical went from £900,000 to £6.5m.
However, the group’s investments in AO World, Boohoo, Asos, Accent Group, Mulberry, AAL ASA and Hornby all fell in the year to 27 April, 2025.
The results also confirm that the group has now fully disposed of all its shares in Currys while N Brown’s decision to delist from the London Stock Exchange saw Frasers exit that investment too.
Frasers Group also counted £68m in other investments – up from £11.4m – which are classed as shareholdings less than five per cent of voting power in the invested.
Mike Ashley’s Frasers Group sells Currys shares
In the results, the group said its decision to sell its shares in Currys and N Brown’s delisting needed it £126.9m.
It said: “In both cases, the group explored commercial relationship with the investee’s management and, following the completion of such discussions, was willing to divest at a price that was considered to be advantageous.”
The group added: “Our strategic investments are intended to allow us to develop relationships and commercial partnerships with the relevant retailers and brands.”
Earlier this month, Frasers Group tightened its grip on Hugo Boss after upping its stake to in excess of 32 per cent.
At the time, Frasers added that the group is not ruling out the possibility of buying further shares over the next 12 months but said it depended on market and company developments.
Last year, Mike Ashley was locked in a bitter battle with Boohoo Group, which now goes by the name Debenhams Group, in a bid to be appointed to its board.
Following a very public spat, Boohoo shareholders voted against the move.
Frasers Group currently owns just under 30 per cent in Debenhams Group.
Elsewhere in the group’s annual results it was revealed the Frasers’ revenue fell by 7.4 per cent to £4.9bn in the year while its reported pre-tax profit slumped by 24.3 per cent to £379.4m.
Mike Ashley’s empire also revealed that its wage bill increased by £50m because of the decisions Chancellor Rachel Reeves made in her Budget last autumn
The group, whose brands include Sports Direct, Jack Wills and Flannels, has pointed to a £40.1m reduction in its profit from its financial services division as a result of its decision to wind down the Studio Pay receivables portfolio.
It has instead decided to focus on Frasers Plus – a move which has reduced revenue and increased impairment charges in the short term.