Hugo Boss urges shareholders to reject Frasers bid

The German fashion house Hugo Boss has formally urged its shareholders to reject a takeover bid from British retail conglomerate Frasers Group, calling the 2 billion euro offer financially inadequate. The company's management and supervisory boards issued the unanimous recommendation on Thursday, July 9, 2026, following an independent review.

Frasers Group, founded by billionaire Mike Ashley and owner of retailers like Sports Direct and Flannels, made the unsolicited offer last month. The bid of 38 euros per share values Hugo Boss at approximately 2.7 billion euros and aims to acquire the roughly 74 percent of the company that Frasers does not already own. The retail group currently holds a 26 percent stake, making it the single largest shareholder.

In a statement, Hugo Boss said its boards conducted a comprehensive review, seeking external financial opinions from Bank of America and Goldman Sachs. The company concluded the offer price represents only the statutory minimum required under German law, providing a premium of just 4.3 percent to the three-month average share price before the bid was announced. Stephan Sturm, chairman of the supervisory board, stated the price fails...