The British retail group has secured majority ownership of the German fashion house, strengthening its position in premium fashion while bringing Hugo Boss into its consolidated financial accounts.
British retailer Frasers Group, controlled by billionaire Mike Ashley, has secured majority ownership of German fashion company Hugo Boss, increasing its shareholding to 50.08% on October 23, 2026.
Frasers acquired an additional 198,666 shares for €7.63 million, bringing its total holding to 34.47 million shares, according to a regulatory announcement. The transaction was financed through existing cash resources.
Crossing the 50% ownership threshold means Hugo Boss is expected to become a subsidiary of Frasers, with its earnings, assets and liabilities consolidated into the British retailer’s financial statements.
From Failed Takeover to Majority Ownership
The development follows Frasers’ unsuccessful public takeover offer launched in June 2026.
The company offered €38 per share, valuing the remaining shares at approximately €2 billion. However, Hugo Boss’s management and supervisory boards recommended rejecting the offer, arguing that it undervalued the company’s long-term prospects.
Following the offer’s conclusion in August, Frasers held 47.89% of Hugo Boss and subsequently increased its position through additional share purchases.
Frasers CEO Michael Murray has also become chairman of Hugo Boss’s supervisory board.
Strategic Expansion into Premium Fashion
Frasers, which operates Sports Direct, Flannels and House of Fraser, has been expanding its presence in premium and luxury retail.
Hugo Boss generated €4.27 billion in revenue in 2025 but expects currency-adjusted sales to decline by a mid-to-high-single-digit percentage in 2026.
The German company forecasts operating profit of €300–350 million this year, compared with €391 million in 2025.
Frasers also holds interests in up to 15.05 million additional Hugo Boss shares through sold put options, representing 21.87% of share capital. These are not additional shares currently owned.
Management and Supply-Chain Outlook
Despite majority ownership, Hugo Boss retains its management structure under German corporate law, limiting Frasers’ direct involvement in daily operations.
For apparel suppliers, any changes in sourcing, product development or procurement remain uncertain.
The next development to watch is how Frasers integrates Hugo Boss financially while influencing its retail strategy, brand positioning and supply-chain decisions.
