Frasers Group announced Wednesday that it has again increased its stake in German luxury fashion giant Hugo Boss. The company now controls (directly or indirectly) more than 30% of the firm’s shares.

The group has stated that it owns 4.9% of the total capital of Hugo Boss directly and that it has «put options» representing another 26% of the company.

As of this week, this is in addition to a stake valued at around 900 million euros.

But the company has again stressed that this is not a gradual acquisition of the German firm.

«This investment reflects Frasers Group’s confidence in the Hugo Boss brand, its strategy and its management team. Frasers Group wants to remain a supportive shareholder and create value in the interest of both Frasers Group and Hugo Boss shareholders,» Frasers said.

The news comes almost exactly two years after the British firm first announced a stake of around 5% in Hugo Boss, a share that it subsequently increased giving rise to speculation about its intentions.

But the company insists it is not considering anything more than a strategic investment in what it sees as a strong business.

Frasers is one of the UK’s largest acquiring groups in the fashion sector and its interests have spread across the retail and brand sector, snapping up companies at a range of price points.

The company also has a stake in luxury brand Mulberry and, at the other end of the market, this year acquired Studio Retail and Missguided.

In the past it also had significant stakes in Debenhams (wanting to take control), and French Connection, among others. The latter was not a good bet for the company, as French Connection’s fortunes declined and it ended up in private hands.