Frasers Group crosses 30% Hugo Boss threshold

Frasers Group, the UK retail conglomerate controlled by Mike Ashley, has increased its stake in German fashion house Hugo Boss to 30.28%, crossing the mandatory bid threshold under German takeover law. The additional 2.55 million shares were acquired through the exercise of put options on July 17, 2026. Frasers launched a voluntary public cash takeover offer for Hugo Boss on June 10, 2026, at €38 per share, valuing the remaining shares at approximately €2 billion. Hugo Boss's board and supervisory board have unanimously recommended that shareholders reject the offer, calling it financially inadequate. The offer remains open until July 27, 2026. Hugo Boss has been struggling with declining sales and profits, reporting a 51% profit drop in the first quarter of 2026. Frasers has also launched a takeover bid for Australian footwear retailer Accent Group and withheld its fiscal 2027 guidance due to the ongoing bids.