Frasers increases Burberry stake again as it expands luxury interests
Frasers increases Burberry stake again as it expands luxury interests LONDON, Oct 12 (Reuters) - British retailer Frasers has further increased its stake in luxury brand Burberry to 7.42%, having already bought more shares in the company at the end of September, as the Mike Ashley-controlled company broadens its interests in the luxury sector.
Frasers had on September 30 disclosed a stake of 6.32% in Burberry, up from 4.16% previously. The owner of Sports Direct is known for aggressively buying up retailers, and in August bought luxury department store Harvey Nichols out of administration, as well as pursuing a takeover of Hugo Boss.
Neither Burberry nor Frasers immediately replied to a request for comment on the increased stake. Frasers last week set out a luxury strategy, saying it sees opportunities to expand its department store chain Flannels in Europe and Harvey Nichols globally.
(Reporting by Helen Reid
Editing by Tomasz Janowski)
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Frasers increases Burberry stake again as it expands luxury interests (updated)
Frasers increases Burberry stake again as it expands luxury interests