British retail group Frasers has increased its holding in German fashion house Hugo Boss to almost 48%, intensifying Mike Ashley’s push to build a stronger position in the luxury market.
Frasers, controlled by billionaire retailer Ashley, said on Tuesday that it had further increased its stake after launching a voluntary cash offer for the Hugo Boss shares it did not already own.
The British group offered €38 per share in June. At the time, Frasers held 26.06% of Hugo Boss, meaning its position has since risen sharply.
The move comes despite resistance from Hugo Boss, which last month urged shareholders to reject Frasers’ roughly €2 billion takeover bid. The German company described the offer as financially inadequate and has continued to defend its own long-term strategy.
The takeover proposal subsequently received clearance from the European Union in late July, allowing Frasers to proceed with its offer.
Hugo Boss has now sought to strike a more conciliatory tone, acknowledging Frasers’ growing influence while stressing that the German group intends to remain focused on its existing plans.
“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,” said Stephan Sturm, chairman of the Hugo Boss supervisory board.
The German fashion group said it would continue implementing a strategy unveiled in December 2025, designed to deliver sustainable growth and stronger shareholder returns through 2028.
For Frasers, the growing Hugo Boss stake forms part of a wider expansion beyond its traditional British sportswear and discount retail operations. The group has increasingly used acquisitions and strategic shareholdings to build a presence across higher-end fashion and international retail.
That strategy has included its recent acquisition of department store chain Harvey Nichols, as well as substantial investments in other retailers.
Frasers declined last month to provide financial guidance for its 2027 financial year, pointing to uncertainty surrounding its takeover efforts involving Hugo Boss and Australian footwear retailer Accent.
The latest increase in its Hugo Boss holding underlines Ashley’s determination to expand Frasers’ footprint in premium and luxury retail, even as the German company maintains that its own strategy remains firmly on course. Photo by Leirus Yat Shung, Wikimedia commons.
