The British Frasers Group has increased its stake in Hugo Boss to 47.9%, narrowly missing a majority share in the German fashion company.

The Frasers Group, led by British billionaire Mike Ashley, announced it now holds 47.9% of Hugo Boss shares following the conclusion of its voluntary takeover offer. Despite this significant increase from 37.6% three weeks ago, the group fell short of securing a majority stake in the MDAX-listed fashion brand. The offer, priced at €38 per share, was only slightly above the market value and was rejected by Hugo Boss’s board as insufficient.

While the EU Commission had approved the acquisition, Frasers strategically aimed to surpass the 30% threshold without triggering a mandatory, potentially costlier offer. The possibility of a majority takeover remains open, as Frasers could acquire additional shares on the market or negotiate higher-priced deals with other shareholders. However, any higher price paid outside the initial offer would require Frasers to compensate earlier sellers at the same rate. The Italian Marzotto family remains the second-largest shareholder with a 14.4% stake.

Hugo Boss leadership has acknowledged Frasers’ growing involvement, emphasizing its commitment to maintaining a constructive relationship with its largest shareholder. CEO Daniel Grieder welcomed the group’s support for the company’s strategic transformation, which has focused on digital innovation, targeted marketing, and appealing to a younger demographic. Under Grieder’s leadership, Hugo Boss has repositioned itself as a lifestyle brand, employing 20,000 people globally, including over 4,400 in Germany.