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Frasers Group has launched a voluntary public takeover offer of £1.7bn to acquire the remaining 73.94% stake in German fashion house Hugo Boss.
News of the cash offer of €38 (£32.80) per share values the outstanding equity comes as the retail group already holds a 26.06% shareholding in the business.
Under German takeover law, reaching a 30% threshold triggers a mandatory offer for the entire company. Frasers Group stated that the voluntary bid aims to facilitate further strategic investment.
The transaction will be funded through a new acquisition facility agreement alongside existing credit lines. Lenders including BNP Paribas, Deutsche Bank, National Westminster Bank and Standard Chartered Bank are providing the financing.
Hugo Boss is a key brand partner for the retail group, ranking among its top five brands. The acquisition is expected to complete in the second half of 2026, subject to regulatory and merger control clearances.
Chief executive Michael Murray, who sits on the supervisory board of Hugo Boss, did not participate in the board discussions or the decision to make the offer. The acquisition does not require Frasers Group shareholder approval under UK listing rules.
For the 12 months ending 31 December 2025, Hugo Boss reported revenues of €4.2bn (£3.6bn) and EBITDA of €781.5m (£674.4m). Combined pro forma earnings for both businesses for the six months ending 26 October 2025 were £848.1m.
