Frasers surpasses 50% stake in Hugo Boss after EUR7.6 million purchase

Frasers Group PLC on Friday said its stake in Hugo Boss AG now totals 50.8%, following a EUR7.6 million transaction.

The Shirebrook, England-based retailer also has interest in up to 15.5 million Hugo Boss shares under sold put options, representing up to 21.87% of its total share capital.

The earnings, assets and liabilities of Hugo Boss are to be consolidated into those of Frasers as Hugo Boss becomes a subsidiary of the group.

The company has steadily grown its stake in Hugo Boss since first investing in 2020, building up to a roughly 36% shareholding in July.

Its ownership stake was increased to almost 48% last month, and Frasers highlighted ambitions to increase this further to take majority control. Frasers then launched a failed takeover attempt for the luxury business, offering to buy all shares in Hugo Boss it did not already own.

The offer, worth EUR1.98 billion, was described as "inadequate from a financial point of view" by Hugo Boss's management and supervisory board who recommended that shareholders do not accept it.

In September, Hugo Boss named Frasers Group PLC CEO Michael Murray as its chair.

Murray, who is also the son-in-law of Sports Direct founder and Frasers majority owner Mike Ashley, was already a member of the board.

He replaced Stephan Sturm who said then that it was "the right time for an orderly transition in chairmanship" following changes to the company's shareholder structure.

Later that month, Hugo Boss said Yves Muller had stepped down as chief financial officer and chief operating officer "at his own request."

The Metzingen, Germany-based fashion brand said Ivica Maric, executive vice president of business operations since 2023, would assume Muller's responsibilities as finance and operations board member from October 1.

Muller joined Hugo Boss as CFO in December 2017 and became COO in May 2022.

Frasers shares rose 0.3% to 877.00 pence each on Friday in London, while Hugo Boss shares fell 0.8% to EUR38.41 in Frankfurt.

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