Frasers says still wants more than 50% stake in Hugo Boss

Frasers Group PLC on Tuesday said it still aims to take control of German fashion brand Hugo Boss AG after its recent public takeover offer failed to secure a majority stake.

The Shirebrook, England-based retailer, majority-owned by founder Mike Ashley, said its objective remains to own more than 50% of Metzingen-based Hugo Boss.

Frasers added that it is currently reviewing its support for Hugo Boss Chair Stephan Sturm. If Frasers "were to cease to support" Sturm, it will issue an "intention statement".

Frasers Chief Executive Michael Murray is a member of the Hugo Boss supervisory board.

Frasers owns brands such as Sports Direct and Flannels and recently bought the luxury department store chain Harvey Nichols.

Last month, it increased its shareholding in Hugo Boss to just under 48%, just short of a controlling stake.

Frasers had offered EUR38.00 per share in cash for all the shares it did not already own, but Hugo Boss had told shareholders to reject the offer, calling it "inadequate from a financial point of view". In the event, Frasers received acceptances for its offer for 18% of Hugo Boss's shares.

Shares in Frasers were 1.8% lower at 817.50 pence each in London on Tuesday for a market capitalisation of £3.66 billion. Hugo Boss was up 0.8% at EUR38.95 in Frankfurt for a market cap of EUR2.69 billion.

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