Hugo Boss Investors Reject Mike Ashley's Takeover Bid
Mike Ashley’s £2.3 billion takeover bid for German fashion brand Hugo Boss has been largely rejected by investors, with only 7.3% of independent shareholders supporting the offer as of July 27. The Frasers Group extended the acceptance period until August 13 after failing to secure sufficient backing from shareholders. Despite receiving EU competition clearance and holding over 30% stake in Hugo Boss—meeting Germany’s legal threshold for a formal takeover—the bid is seen by the company's board as undervaluing the brand. Ashley, who leads Frasers Group with a controlling 74% stake, has been aggressively expanding his retail empire through acquisitions. The offer was promoted by high-profile figures like David Beckham and Naomi Campbell but faces resistance from Hugo Boss’s management team, which remains skeptical of its value proposition.
Topics: Frasers Group Hugo Boss Mike Ashley shareholder response