UPDATE: Hugo Boss to terminate buyback as Frasers eyes 50% stake

Hugo Boss SE on Tuesday said it will terminate its share buyback programme following Frasers Group PLC's announcement that it aims to increase its stake to over 50% in the fashion company.

Earlier on Tuesday, Frasers said it still aims to take control of Hugo Boss 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 the Metzingen, Germany-based company.

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

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 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 representing 18% of Hugo Boss shares.

Following the announcement, Hugo Boss said it will terminate its share buyback programme which commenced on August 24.

"The termination does not reflect any change in the company's confidence in its strategy and long-term value creation potential. The company's capital allocation framework remains unchanged, and the Managing Board will reassess a share buyback program as appropriate," it said.

Between August 24 and September 1, the company repurchased 124,044 shares, worth EUR4.8 million.

Hugo Boss closed up 1.0% at EUR39.02 each in Frankfurt on Tuesday. Frasers closed down 1.5% at 820.00 pence in London.

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