UPDATE: Hugo Boss pledges "constructive relationship" with Frasers
Hugo Boss AG on Tuesday said it looks forward to maintaining a "constructive relationship" with Frasers Group PLC after the Shirebrook, England-based retailer increased its shareholding in the German fashion house to nearly 48%.
The Metzingen, Germany-based fashion company said it appreciates Frasers Group's continued long-term commitment as its single largest shareholder.
"We value the trust and support our shareholders have shown throughout the offer period and welcome Frasers Group's support for our long-term strategic direction," said Daniel Grieder, chief executive officer of Hugo Boss.
Earlier, Frasers Group, which owns of the House of Fraser, Sports Direct and Flannels brands, said it had received valid acceptances for 12.2 million Hugo Boss shares, just shy of 18% of its share capital, as it pursues a voluntary public takeover offer to acquire Hugo Boss.
It means that Frasers owns, or has received acceptances, for just under 48% of Hugo Boss shares, falling short of majority control.
Frasers made a cash bid of EUR38.00 per share back in June but Hugo Boss told shareholders to reject the offer saying it is "inadequate from a financial point of view".
On Tuesday, Hugo Boss pledged to push ahead with its 'Claim 5 Touchdown" strategy, launched last December.
"Focused on strengthening brand equity, elevating distribution, and enhancing operational performance, the strategy has already delivered tangible progress, reflected in higher earnings quality, improved productivity, and strong cash generation in the first half of 2026," Hugo Boss said.
Shares in Frasers were 1.2% higher at 804.00 pence each in London on Tuesday. Hugo Boss traded 0.6% lower at EUR37.88 in Frankfurt.
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