The group has snapped up 3.3 million shares in the German fashion brand, equivalent to a 4.7% stake in the business. Frasers has also taken a further 0.4% in options and contracts for difference.

In a statement to the London Stock Exchange after markets closed on Friday, Frasers said its maximum exposure to Hugo Boss as a result of the deals was €108m (£97m).

Frasers said it “intends to be a supportive stakeholder and create value” for both businesses.

It added that the investments “reflects Frasers Group’s growing relationship with Hugo Boss and belief in Hugo Boss’ long-term future”.