Frasers Group has launched a voluntary public takeover offer for Hugo Boss at €38 ($43.80) a share in cash, valuing the German fashion brand at approximately €2.67bn.
The offer for all Hugo Boss shares not already owned by Frasers has been made under the German Securities Acquisition and Takeover Act.
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It applies to 73.94% of Hugo Boss’s share capital and 73.42% of its voting rights, excluding treasury shares.
The total cash consideration for those shares is €1.97bn.
Frasers currently owns 26.06% of Hugo Boss’s share capital, equating to 26.58% of voting rights excluding treasury shares.
The offer is subject to applicable merger control clearances and does not include a minimum acceptance threshold.
Frasers expects the transaction to complete in the second half of 2026, subject to regulatory clearances.
The bid will be made under terms and conditions set out in an offer document, which is to be approved by Germany’s federal financial supervisory authority BaFin.
To fund the offer, Frasers has entered an acquisition facility agreement with BNP Paribas, Deutsche Bank Luxembourg, National Westminster Bank, and Standard Chartered Bank as lenders.
The group may also use its existing term loan and revolving credit facility.
Based in Metzingen, Germany, Hugo Boss reported revenue of €4.26bn and EBITDA [earnings before interest, taxes, depreciation, and amortisation] of €781.5m for the 12 months ended 31 December 2025.
At that date, it had gross assets of €3.72bn and net assets of €1.55bn.
Frasers said Hugo Boss is a key brand partner and one of its top five brands. The board said it remains supportive of supervisory board chair Stephan Sturm and chief executive Daniel Grieder.
Michael Murray, Frasers’ chief executive and a member of Hugo Boss’s supervisory board, did not take part in the board’s discussion or decision on making the offer.
The acquisition is a significant transaction under UK Listing Rules but does not require shareholder approval.
