The claim was first reported in the Telegraph on Friday 21 May, resulting in a 7% jump in shares at the premium fashion brand.
However, in a London Stock Exchange filing, Frasers Group stated that “it wishes to make a market clarification” that the group “does not intend to bid for Hugo Boss AG”.
Frasers Group has been buying up shares in Hugo Boss over the past year, as it plans to become a “supportive shareholder” in the company.
Following its most recent investment in January 2021, Mike Ashley’s retail empire now owns a 15.2% stake in the group that is valued at £2.7bn.
Hugo Boss is not the only company that Frasers Group has recently increased its minority interest in, as the group upped its stake in Mulberry from 29.7% to 36.8% in November 2020.