Hugo Boss backers snub Mike Ashley’s £2.3bn takeover bid

By the Editorial Team · Friday, July 31, 2026

Frasers Group’s £2.3 billion takeover bid for Hugo Boss has been largely rejected by shareholders, with just 7.3 percent of independent investors accepting the offer, leading to an extended acceptance period until August 13. Despite Hugo Boss’s recent sales struggles and the board deeming the bid undervalued, Frasers has increased its stake and received EU approval, maintaining commitment to the acquisition.

Investors in Hugo Boss have largely rejected a £2.3 billion takeover offer from Mike Ashley’s Frasers Group, prompting an extension of the bid acceptance period. As of the latest deadline, only 7.3 percent of independent shareholders had committed to the all-cash proposal, bringing total backing to 37.6 percent when combined with Frasers’ existing stake.

Frasers Group initially launched its offer last month, valuing Hugo Boss at €38 (£32.70) per share. The German fashion brand, known for endorsements by figures such as Sir David Beckham and Naomi Campbell, has been contending with declining sales in recent periods. Despite these challenges, the Hugo Boss board deemed the bid insufficient, describing it as undervaluing the company’s brand and rejecting the approach.

Following the rejection, Frasers increased its shareholding beyond the 30 percent threshold mandated by German stock market regulations, permitting it to proceed with a formal takeover offer. The bid has received approval from European Union regulators. In light of the limited shareholder acceptance, Frasers extended the offer period to August 13, seeking to gain additional support.

Hugo Boss is Germany’s largest fashion retailer, but recent performance issues have placed it under pressure from investors and potential acquirers alike. Frasers Group, controlled by billionaire Mike Ashley, remains committed to its offer, which it has stated is final. The ongoing situation highlights the challenges faced by legacy fashion brands amid evolving market conditions and shareholder expectations.

This article was reported by synthesizing coverage from multiple independent news outlets to present a balanced, unbiased account. Read about our editorial standards. Spotted an error? Let us know.