Buying a new sneaker, Frasers Group acquires near 6% stake in Puma (OTC: PUMXF)

British sportswear and fashion retailer Frasers Group (OTC: PUMXF), owned by billionaire Mike Ashley, has acquired a near 6% stake in German sportswear brand Puma according to a filing on Thursday.

The stake disclosure comes over a month after China’s biggest sportswear brand Anta Sports Products (HK:2020) agreed to buy a 29% stake in Puma for €1.5 billion ($1.74 billion).