Frasers increases stake in Hugo Boss to almost 30.3 percent

Offer worth 1.93 billion euros

As the company based in Metzingen announced at the beginning of July, the offer price of 38.00 euros per share is significantly below what the group earns. The offer does not adequately reflect the standalone company value and the future value creation potential of Hugo Boss. The Management Board and Supervisory Board unanimously recommend that shareholders not accept the offer.

According to management, the background to the refusal is that Hugo Boss is worth significantly more in the long term than the offer is able to reflect. The British, for their part, point to the financial leverage of a takeover and see the fashion group as a strategic addition to their sports and retail portfolio, which also includes the Sports Direct chain.

Step by step toward takeover

Frasers announced on Tuesday that it had acquired additional Hugo Boss shares with a total value equivalent to around 3.69 percent of the share capital. The background was the exercise of put options in the previous week. In total, Frasers now holds just under 30.3 percent of the Hugo Boss shares – excluding the shares tendered as part of the offer. Almost a year ago, the stake had already exceeded the 25 percent threshold.

Frasers, backed by British entrepreneur Mike Ashley, only submitted the offer of 38 euros per share for all outstanding Hugo Boss shares last month. The company puts the total volume at around 1.93 billion euros. The acceptance period runs until 27 July. The outcome of the offer and the final acceptance ratio will be decided after the deadline.

Meanwhile, the Hugo Boss share reacted cautiously in XETRA trading: the stock temporarily fell by 0.18 percent to 37.95 euros. It is thus trading even slightly below the offer price of 38 euros – an indication that a significant portion of market participants considers the offer insufficient or expects the takeover to fail.

Share trading below offer price

As early as last year, Frasers CEO Michael Murray joined the Hugo Boss Supervisory Board, underscoring the British company's strategic positioning at the fashion group. A seat on the supervisory body gives Fraspers insight, but does not change the refusal of the Management Board and Supervisory Board to support the offer.

What happens by 27 July?

The offer is being assessed cautiously on the market. On 13 July 2026, the Canadian bank RBC Capital Markets rated the Hugo Boss share with "Sector Perform". This means the analysts see neither clear upside nor downside potential as long as the outcome of the takeover battle remains open.

Should Frasers ultimately collect the majority of shares, it would be one of the largest takeovers of a German MDAX group by a British retail conglomerate in recent years. Observers expect that Frasers could improve the price if necessary in order to achieve the required acceptance ratio.

What is clear is that by 27 July, Hugo Boss shareholders must decide whether to tender their shares at 38 euros or to bet on a potentially better future for the company – either under the current management or under new corporate leadership from Great Britain.