Frasers Group PLC

Hugo Boss has appointed Michael Murray, the chief executive of Frasers, as its new chairman, tightening Mike Ashley's grip on the German fashion brand. Mr Murray, who is Mr Ashley's son-in-law, was elected head of the supervisory board on Tuesday morning, just 24 hours after Stephan Sturm stepped down amid pressure from Frasers. The appointment marks a victory for Mr Ashley's retail giant, which has built a stake of about 48pc in Hugo Boss after launching a takeover attempt earlier this year, and Frasers has said it intends to increase its holding beyond 50pc, which would give it majority control of the German retailer. Hugo Boss also said Robert Palmer, a former company secretary at Frasers and one of Mr Ashley's senior lieutenants, would join its supervisory board, subject to appointment by the local court. Mr Sturm had been chairman for just 16 months, having been elected in May 2025, and Hugo Boss terminated its share buyback programme earlier this month after Frasers said it intended to take its stake above 50pc.

Frasers Group has increased its stake in Hugo Boss to almost 48% after a rejected takeover offer. The UK retailer, controlled by Mike Ashley, launched a voluntary €38-per-share cash offer in June for the shares it did not already own, valuing the remaining shares at roughly €2 billion, or about €2.7 billion for the whole company. Hugo Boss's management and supervisory boards urged shareholders to reject the bid as financially inadequate, but Frasers received valid acceptances for about 12.2 million shares, representing around 17.6% of the company's share capital and voting rights. Combined with its existing holding, Frasers now owns or has acceptances for about 47.9%, making it the largest shareholder but short of majority control. Hugo Boss supervisory board chair Stephan Sturm said the company appreciated Frasers' long-term commitment and looked forward to maintaining a constructive relationship.

Frasers Group has acquired British luxury department store chain Harvey Nichols out of insolvency through a pre-pack administration on Aug. 13. The deal gives Frasers Group control of Harvey Nichols' six U.K. stores, online business, inventory, and more than 1,000 employees, while the retailer's existing liabilities are addressed through the administration process. The transaction value is approximately £40 million ($54 million), according to Forbes, though Frasers Group has not officially disclosed the purchase price. Harvey Nichols had warned it could collapse within a year without new investment, reporting a £105 million ($142 million) loss after tax for the year ended March 29, 2025. Frasers Group CEO Michael Murray said the turnaround will require tough choices and may result in a smaller business in the near term.

Frasers Group has acquired Harvey Nichols from administrators FTI Consulting, including all six UK stores, the online business, existing inventory, international franchise agreements, more than 1,000 employees, and certain assets from the Dublin store. Frasers warned that Harvey Nichols has faced sustained trading and operational challenges and that significant restructuring and integration will be required, with a review and rationalisation of the store portfolio, organisational structure, operating model, and cost base. CEO Michael Murray said the turnaround will require tough choices, even if that means a smaller business in the near term, to create a stronger and more sustainable Harvey Nichols. The deal builds on Frasers' elevation strategy to strengthen its luxury positioning, and Harvey Nichols CEO Julia Goddard said the acquisition provides a strong platform for the next phase of the business's evolution.

Frasers Group's voluntary public takeover offer for Hugo Boss has become unconditional after receiving merger control approval from the European Commission. The UK retail group, already the largest shareholder with slightly more than 30%, is offering €38 per share in cash for the remaining shares. Hugo Boss management has urged investors not to accept, calling the consideration financially inadequate. The acceptance period has been extended to 13 August 2026. Hugo Boss reported revenue of €4.26bn and EBITDA of €781.5m for the 12 months to 31 December 2025.

Frasers Group has acquired Greaves Sports, a 96-year-old retailer operating one physical store in Glasgow and an e-commerce website. Greaves Sports assured customers that its Gordon Street store and online store will continue under the Greaves Sports brand with the same service and expertise, and that all gift cards and loyalty points remain valid. Frasers Group told Just Style the purchase reinforces its commitment to investing in Scotland and providing greater choice and enhanced in-store experiences, and confirmed the business will continue to trade under the Greaves branding. The acquisition follows Frasers Group's recent report of an 8.7% year-on-year revenue increase to £5.33 billion for fiscal year 2026, driven by international expansion and improved margins.

Mike Ashley's Frasers Group has declared its £1.7 billion all-cash takeover bid for Hugo Boss final, giving the German fashion house until July 27 to decide. Frasers said it will not increase the €38 per share offer, which represents less than a 5% premium to the pre-bid closing price. The group already holds a 26% stake in Hugo Boss and backs the current management team and strategy, pledging to limit dividends to the legally required minimum. Hugo Boss shares dipped slightly to €37.57 following the update, after having climbed above the offer price since the bid was announced earlier this month.

Frasers Group plc has published the offer document for its voluntary public takeover offer for all outstanding shares of HUGO BOSS AG. The German version and a non-binding English translation are available free of charge from BNP Paribas in Frankfurt and online at https://www.fg-germany.com. The offer, approved by the German Federal Financial Supervisory Authority, is governed exclusively by German law. Frasers Group may also acquire HUGO BOSS shares outside the offer under certain conditions, with any higher consideration triggering an adjustment of the offer price.