Frasers Group has taken a 5.8% stake in sportswear company Puma, largely through derivatives, according to filings with German authorities.
The disclosures show Frasers has an interest in 8.5 million Puma shares, mainly linked to the purchase of put options.
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However, the holding is shown as belonging to Frasers, rather than to its founder Mike Ashley or through his investment vehicle, Mash Holdings.
Ashley holds a 73.3% stake in Frasers, based on the retailer’s most recent filing.
If the put options are exercised, the position would give Frasers voting rights equivalent to the stake.
The deal would also make Frasers Puma’s second-largest shareholder, behind the Pinault family.
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By GlobalDataPuma is a major supplier to Sports Direct, which contributes most of Frasers’ profits.
Through Frasers, Ashley holds notable minority positions in several European retailers.
The billionaire built his career in sports retailing and acquired Frasers Group out of insolvency in 2018. He later accumulated stakes in brands, including Hugo Boss and Mulberry, as well as ASOS and Boohoo.
The disclosure comes more than a month after Anta Sports Products, China’s biggest sportswear brand and owner of Fila, agreed to purchase a 29% stake in Puma for €1.5bn ($1.74bn) from Kering shareholder Artemis.
Puma suspended its dividend last week after reporting annual losses. The company has been struggling to win market share amid competition from Nike and Adidas, alongside newer players such as On Holding.
The group is in the middle of a wider business revamp under former Adidas executive Arthur Hoeld, who took over as chief executive in July.
Puma reported a fourth-quarter net loss of €336.6m, compared with a net profit of €24m a year earlier, as tariff pressures and elevated inventories weighed on results.
The Frankfurt-listed company has previously said it aims to return to growth in 2027.
