Frasers Group advances €2 billion takeover of Hugo Boss after EU clearance

British retailer Frasers Group has moved forward with its bid to acquire German fashion company Hugo Boss. The group launched a public offer in early June valuing Hugo Boss at around €2 billion, with an offer price of €38 per share. The European Commission cleared the merger on competition grounds in late July, removing the sole condition for completion.

Following the clearance, Frasers increased its shareholding to 37.58%, adding the shares tendered during the initial acceptance period to its existing stake. While the offer has become legally unconditional, Hugo Boss’s board and CEO Daniel Grieder have publicly deemed the price inadequate, urging shareholders to reject the bid. The acquisition would bring Hugo Boss into the retail empire owned by billionaire Mike Ashley, which includes Sports Direct and House of Fraser.