Frasers Group Plc offered to buy the rest of Hugo Boss AG for about €2 billion ($2.3 billion) as billionaire Mike Ashley seeks to add another fashion brand to his growing collection.
Frasers, the owner of Sports Direct, made a cash bid of €38 a share for the German label known for its premium-priced suits, casual attire and underwear. That’s a premium of 4% to the closing price on Wednesday. The British retail group already owns a roughly 26% stake in Hugo Boss.
The move, valuing Hugo Boss at €2.7 billion overall, seems opportunistic and it’s unlikely that shareholders will accept it given the small premium, said Bloomberg Intelligence analyst Charles Allen.
He added that it’s “not obvious what levers Frasers could pull to speed recovery” at the German fashion brand, which is attempting a turnaround after being hit by soft demand in China and persistent weakness in womenswear.
Frasers, which is majority owned by Ashley, has long sold Hugo Boss products in its stores and online. Last year, Frasers Chief Executive Officer Michael Murray, who is Ashley’s son-in-law, joined Boss’s supervisory board.
Full ownership would give Frasers direct control over strategy and capital allocation after the two companies clashed in recent months. Frasers threatened last year to vote against any proposed dividend for Boss shareholders, arguing that cash should be invested in long-term growth instead. It also said last year that it no longer supported supervisory board Chairman Stephan Sturm, a stance it reversed on Tuesday.
In Wednesday’s filing, Frasers said it “remains supportive” of both Sturm and Hugo Boss CEO Daniel Grieder.
Frasers, which owns London tailor Gieves & Hawkes as well as sports brands such as Slazenger, has a reputation for growing large stakes in other retailers and often using that holding to influence decisions at board level. It has recently taken an interest in the struggling German sports brand Puma SE.
Its involvement has frequently led to clashes. In a spat with online fast-fashion chain Boohoo Group Plc, Frasers accused co-founder and Executive Chairman Mahmud Kamani of wrecking the retailer’s value and tried to remove him as a director. It also tried to block Boohoo from changing its name to Debenhams earlier this year.
At Hugo Boss, Grieder has streamlined product assortments and tightened cost controls. It’s his second turnaround attempt since taking over in 2021.
Shares of Metzingen-based Boss are little changed this year, giving it a stock-market value of nearly €2.6 billion. Frasers is up 14% in 2026, valuing the company at £3.45 billion ($4.62 billion).
Frasers declined to comment beyond the filing. Hugo Boss had no immediate comment on the approach.