Mike Ashley’s Frasers Group Plans to Take Majority Control of Hugo Boss
The FTSE 100 retailer said it may increase its voting power above 50% after a failed takeover bid, while reviewing support for Hugo Boss chair Stephan Sturm.
- On Tuesday, Frasers Group confirmed it has increased its stake in German fashion house Hugo Boss to 47.89%, continuing its pursuit of majority control of the luxury business.
- The retail group's previous buyout bid of roughly 1.98 billion euro was rejected by Hugo Boss management, who deemed the offer "inadequate from a financial point of view."
- Michael Murray, Frasers chief executive, sits on the Hugo Boss supervisory board, while the firm is reviewing whether it supports current board chair Stephan Sturm.
- This acquisition follows Frasers' recent rescue deal for Harvey Nichols, securing six stores and around 1,000 workers after the department store warned it would need to "cease trading."
- The group intends to "further increase" its ownership, targeting a stake above 50% of share capital and voting rights to tighten control over the brand's operations.
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Mike Ashley’s Frasers weighs move to oust Hugo Boss chief
Mike Ashley’s Frasers Group is weighing up a move to oust a boardroom chair at Hugo Boss as it laid out fresh plans to grow its stake in the German fashion house. The retail group, which was founded by the British billionaire, told investors on Tuesday that it wants to control more than half of [...]
Frasers Group seeks control of Hugo Boss after raising stake to 47.9% - London Business News
Mike Ashley’s Frasers Group is seeking majority control of Hugo Boss after raising its stake in the German fashion house to 47.89 per cent, intensifying the British retailer’s push into… The post Frasers Group seeks control of Hugo Boss after raising stake to 47.9% appeared first on London Business News
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