Mike Ashley’s Frasers Group Plans to Take Majority Control of Hugo Boss
The FTSE 100 retailer said it may increase its voting power above 50% after a failed takeover bid, while reviewing support for Hugo Boss chair Stephan Sturm.
- On Tuesday, Frasers Group confirmed it has increased its stake in German fashion house Hugo Boss to 47.89%, continuing its pursuit of majority control of the luxury business.
- The retail group's previous buyout bid of roughly 1.98 billion euro was rejected by Hugo Boss management, who deemed the offer "inadequate from a financial point of view."
- Michael Murray, Frasers chief executive, sits on the Hugo Boss supervisory board, while the firm is reviewing whether it supports current board chair Stephan Sturm.
- This acquisition follows Frasers' recent rescue deal for Harvey Nichols, securing six stores and around 1,000 workers after the department store warned it would need to "cease trading."
- The group intends to "further increase" its ownership, targeting a stake above 50% of share capital and voting rights to tighten control over the brand's operations.
31 Articles
31 Articles
The Frasers Group wants to secure more than 50 percent of Hugo Boss, plans further equity purchases and makes clear who will be in charge of the fashion group in the future. The pressure on the Chairman of the Supervisory Board is increasing.
The British Frasers Group is keen on a takeover of Hugo Boss. It wants to expand its stake and now also examine the support for the Supervisory Board. The Boss reaction follows promptly.
saarbruecker-zeitung.de
The British Frasers Group is keen on a takeover of Hugo Boss. It wants to expand its stake and now also examine the support for the Supervisory Board. The Boss reaction follows promptly.
At the fashion company Hugo Boss, the power struggle with the largest shareholder is intensifying. A new announcement from the UK forces the company to change course - and again raises questions about leadership.
The Frasers Group intends to increase its participation in the German premium fashion company Hugo Boss to more than 50%, while assessing whether it will maintain support for the president of the company's board of directors. Exclusive material for subscribers. To have full access, access the link of the material and register.
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