Frasers, the retail group controlled by Mike Ashley, said on Tuesday it has raised its stake in German retailer Hugo Boss to nearly 48%, continuing its push into luxury retail.
Frasers launched a voluntary cash offer of €38 ($43.99) per share for Hugo Boss shares it did not already own in June. At the time, it held 26.06% of Hugo Boss.
Hugo Boss last month urged its shareholders to reject Frasers' hostile €2 billion takeover attempt, saying it was "financially inadequate". The offer received clearance from the European Union in late July.
“We appreciate Frasers Group’s continued long-term commitment to HUGO BOSS and look forward to maintaining a constructive relationship with them as our single largest shareholder,” Stephan Sturm, chairman of the supervisory board of Hugo Boss, said in a statement.
Hugo Boss said it will continue to execute its strategy, launched in December 2025, aimed at delivering sustainable growth and long-term shareholder value through 2028.
Frasers, which has steadily expanded its retail operations through takeovers and by buying substantial stakes, withheld its fiscal 2027 guidance last month, citing uncertainty related to its takeover bids for Hugo Boss and Australian footwear retailer Accent.
