In June, Frasers made a nearly \u20ac2bn (\u00a31.73bn) takeover offer for the luxury group, but its board rejected the bid as \u201cinadequate\u201d and urged shareholders not to accept it.<\/p>\n
The new, higher stake is a result of 17.6% of shareholders accepting Ashley\u2019s offer, which amounted to \u20ac38 a share. That bid reflected only a 4% premium to Hugo Boss\u2019s shares when it was tabled.<\/p>\n
Axel Rudolph, an analyst at the investing platform IG, said it was \u201canother major step towards gaining control\u201d of Hugo Boss. Ashley\u2019s new shareholding put Frasers \u201cfirmly in the driving seat as it looks to increase its influence\u201d, he added.<\/p>\n
Frasers, which has stocked Hugo Boss products in its stores for some years, has taken an increasingly activist role since it first took a stake in the German group in June 2020. It has pushed for change at the company, which has faced struggling sales in women\u2019s clothing and sluggish demand in its important Chinese market.<\/p>\n
The Hugo Boss chair, Stephan Sturm, said on Tuesday: \u201cWe appreciate Frasers Group\u2019s continued long-term commitment to Hugo Boss and look forward to maintaining a constructive relationship with them as our single largest shareholder.\u201d<\/p>\n
Ashley has been building his interests in luxury fashion in recent years with the Flannels chain and a large stake in the British handbag maker Mulberry.<\/p>\n
The businessman also recently became the fifth-biggest shareholder of Burberry, taking a 4.2% stake last month that was worth about \u00a3160m. The 170-year-old trenchcoat maker has struggled amid a global slowdown in demand for luxury goods, and last year said it would cut 1,700 jobs after posting a \u00a366m loss<\/a>.<\/p>\n Ashley bought Harvey Nichols out of administration last week after the upmarket chain, which has 13 stores and 1,200 employees, said it could run out of money if it did not find new funding.<\/p>\n If he did eventually take control of Hugo Boss, it would add another brand to the group<\/a> that already owns the Frasers department stores, formerly House of Fraser, as well as Sports Direct and the bicycle retailer Evans Cycles.<\/p>\n The entrepreneur, who is known for his controversial business tactics<\/a>, retains a 73% stake in Frasers, which he built from a single sports store in Maidenhead, Berkshire, opened in 1982 with \u00a310,000 from his parents. He stepped down<\/a> from the board in 2022.<\/p>\n
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