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Businessman Mike Ashley’s Frasers has made a takeover offer for German fashion brand Hugo Boss.<\/p>\n
The retail group already owns just over a quarter of Hugo Boss, having steadily built up the stake since 2020, but said on Wednesday it wanted to buy the rest of it for \u20ac1.98bn (\u00a31.73bn).<\/p>\n
Hugo Boss said it would “thoroughly examine the offer and issue a reasoned statement”.<\/p>\n
Frasers, formerly known as Sports Direct, owns House of Fraser, Game, Jack Wills, Evans Cycles and many other brands. It is also the largest shareholder in Boohoo but has had a frosty relationship with the firm.<\/p>\n
Frasers has built a reputation for swooping in to buy retail brands which have fallen into administration, but its gradual increase in ownership of profit-making Hugo Boss over several years is a different approach.<\/p>\n
Because it has grown its shareholding so much, Frasers is now close to the 30% ownership level that German law requires it to make an offer for the whole company.<\/p>\n
The deal would value Hugo Boss at \u20ac38 a share, higher than the \u20ac36.5 it closed at on Wednesday.<\/p>\n
Frasers said that it expected the takeover to be completed by the end of this year, providing it passes all the legal checks.<\/p>\n
Hugo Boss said the “unsolicited” offer had “not been coordinated with the company”, adding that it would “inform its shareholders and the public about further developments and next steps”.<\/p>\n
Frasers said on Wednesday that it had “a strong track record in making strategic investments”.<\/p>\n
It said it was “a long-term investor” in Hugo Boss and that it “remains supportive” of its chair and chief executive.<\/p>\n
Boohoo for Debenhams <\/p>\n
It has not had as friendly a relationship with Debenhams, which is still formally named Boohoo.<\/p>\n
Boohoo bought the Debenhams brand out of administration after Frasers decided against buying it.<\/p>\n
Last year, Boohoo tried to formally rename itself as Debenhams, but Frasers used its shareholding votes to block the name change.<\/p>\n
Chief executive Dan Finley told the BBC earlier this week<\/a> it would “operate to all intents and purposes as Debenhams Group”.<\/p>\n “It’s just the formal change to the name that’s listed at Companies House… required a special resolution that didn’t pass,” he said, adding that he did not know why Frasers blocked the change.<\/p>\n Since first investing in it in 2023, Frasers has written several open letters about Boohoo<\/a> and lashed out at the firm in the press<\/a>, with a lot of the criticism aimed at Boohoo’s co-founder Mahmud Kamani.<\/p>\n