Frasers Group Increases Hugo Boss Stake to 47.89 Percent

Frasers Group increased its stake in the German fashion brand Hugo Boss to 47.89 percent, up from 37.58 percent. The UK-based retail group, owned by Mike Ashley, acquired 12,157,598 additional shares worth over 463 million euros after launching a voluntary public takeover offer of 1.98 billion euros on June 11.

The Hugo Boss board initially rejected the bid on July 9, describing it as inadequate from a financial point of view. However, Frasers triggered a mandatory offer for all shares on July 21 after its shareholding exceeded 30 percent under German takeover law. The retail group offered 38 euros per share to acquire the remaining portion of the company.

Despite the near-controlling stake, Hugo Boss leadership remains committed to its Claim 5 Touchdown strategic plan, which prioritizes business fundamentals through 2028. CEO Daniel Grieder and Chairman Stephan Sturm stated they look forward to a constructive relationship with Frasers Group as the company's single largest shareholder.

The acquisition is part of a broader elevation strategy by Frasers Group to expand its presence in the luxury market. This strategy recently included the 40 million pound acquisition of the department store chain Harvey Nichols from administration.