Frasers has not (yet) succeeded in acquiring Hugo Boss

The British retail giant Frasers Group, which recently acquired the department store chain Harvey Nichols, now holds a stake of just under 48% in Hugo Boss. However, its attempt to gain full control failed: only 17.6% of shareholders accepted the public tender offer.

Activist role

Hugo Boss urged shareholders to reject the offer, and it succeeded. According to the company, the offer—which provided only a 4% premium—did not reflect the true value and potential of the company. “The offer was not a serious takeover attempt, but was intended to increase Frasers’ stake,” Hugo Boss stated in a letter to shareholders. A full takeover required a stake of at least 50% plus one share.