Frasers Group Launches €38 Per Share Takeover Offer for Hugo Boss

Frasers Group, the U.K. retail group led by chief executive Michael Murray, launched a takeover offer for German fashion brand Hugo Boss to buy the shares it does not already own for €38 per share, valuing the remainder at about €1.98bn.

“- Published Businessman Mike Ashley's Frasers has made a takeover offer for German fashion brand Hugo Boss”

BBC

The BBC said Frasers “wanted to buy the rest of it for €1.98bn (£1.73bn)” after building its stake since 2020, while Sky News reported Frasers intended to spend £1.7bn for the stock it did not already own.

BBC

Sky News added that Frasers currently owns just above 26% of Hugo Boss and expected the deal, if accepted and cleared by regulators, to close in the second half of this year.

The Guardian said the offer would mean Frasers paying €38 a share to take full control, with Hugo Boss shares worth €36.44 at the close of trading on Wednesday.

The bid is framed as a long-term investment by Frasers, which said it remains supportive of both Stephan Sturm, chair of the supervisory board, and Daniel Grieder, chief executive, in pursuit of a sustainable growth strategy.

Hugo Boss said it would “thoroughly examine the offer and issue a reasoned statement,” while Frasers said the offer was not coordinated with the company and described it as a voluntary public takeover offer for Hugo Boss shares not directly held by Frasers.

The BBC reported that Hugo Boss said the “unsolicited” offer had “not been coordinated with the company,” adding it would “inform its shareholders and the public about further developments and next steps.”

FashionUnited

Frasers said its board of directors believes that increasing its investment in Hugo Boss will create value for Frasers shareholders, and the company said it was supportive of Stephan Sturm and Daniel Grieder.

Sky News noted that because Michael Murray is on Hugo Boss’s supervisory board, he “did not participate in the board's discussion of, or decision to make, the offer”.

The Guardian said the offer is now expected to go to a shareholder vote and that Frasers would hope to complete the deal in the second half of this year if it is approved and receives regulatory approvals.

Frasers’ bid comes as the company already holds a large position in Hugo Boss, with the BBC saying it owns just over a quarter and the Guardian stating it owns 26% of Hugo Boss.

Sky News said the takeover offer placed a value for the shares at €1.98bn (£1.73bn), while SGB Media Online put the offer at €38 per share and said it represented a 4.3 percent premium to the €36.44 closing price on Wednesday, June 10.

SGB Media Online also said Frasers currently owns 18.35 million Hugo Boss shares, representing 26.06 percent of the share capital and 26.58 percent of the voting rights of Hugo Boss, and it described the deal as subject to regulatory and merger control clearances with completion anticipated in the second half of 2026.

The Guardian reported that if successful, the takeover would add Hugo Boss to a group that already owns the Frasers department stores, formerly House of Fraser, the fashion chain Flannels and the bicycle retailer Evans Cycles.

In parallel, Les Echos described a separate “combat des chefs” at Boohoo between founder and executive president Mahmud Kamani and principal shareholder Frasers, noting that shareholders rejected at 64% the entry to the board of Mike Ashley and Mike Lennon during a general meeting on Friday.