Frasers Group said its voluntary public takeover offer for Hugo Boss is now unconditional after receiving merger control approval from the European Commission (EC).

The UK retail group, which owns businesses that include House of Fraser, Sports Direct and Flannels, already holds slightly more than 30% of the German fashion company, making it the largest shareholder in Hugo Boss.

Announced on 10 June 2026, the offer aims to acquire the remaining shares in Hugo Boss for €38 ($43.16) a share in cash.

Earlier this month, Hugo Boss management urged investors not to accept the bid.

In a statement, the company’s managing board and supervisory board said: "After a thorough and independent review of the offer document and its terms, the managing board and supervisory board of Hugo Boss have concluded that the consideration offered by Frasers Group is inadequate from a financial point of view.”

The EC’s decision fulfils the condition set out in the offer document, allowing the bid to move forward without conditions.

Shareholders in Hugo Boss can still tender their shares during a further acceptance period, which has been extended from 27 July to 13 August 2026.

For the 12 months to 31 December 2025, Hugo Boss reported revenue of €4.26bn and earnings before interest, taxes, depreciation and amortisation (EBITDA) of €781.5m. Its gross assets were €3.72bn while net assets totalled €1.55bn.

The Hugo Boss bid is part of a broader run of acquisition activity by Frasers in the retail sector.

On 15 June, the group also submitted a takeover proposal for Australian retailer Accent Group.

Accent rejected the unsolicited bid on 29 June, calling the A$0.65 ($0.45) per share proposal “opportunistic” and “materially inadequate”.

Frasers, which owns 22.9% of Accent Group, had launched an on-market offer for the outstanding ordinary shares it does not already own.

That shareholding was assembled through a subscription agreement signed in 2025, followed by further purchases in the open market.