Mike Ashley’s Frasers Group eyes Hugo Boss swoop

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Mike Ashley’s Frasers Group is reportedly considering a takeover of luxury fashion group Hugo Boss.

Shares in Hugo Boss rose by nearly 7% in Frankfurt following speculation that Mike Ashley’s Frasers Group is considering a swoop on the German fashion house, according to The Telegraph.

Frasers Group is already an investor in Hugo Boss, having upped its stake in the business in January to 15.1% through a combination of stocks.

Frasers Group said at the time that the investment “reflects Frasers Group’s growing relationship with Hugo Boss and belief in Hugo Boss’s long-term future”.

It is understood that Ashley is now mulling a takeover bid for the entire firm for more than €3.2bn (£2.7bn).

Frasers has previously said it intended to be a “supportive shareholder” to Hugo Boss.

Frasers Group has previously considered a bid for British luxury fashion group Mulberry, in which it is also a stakeholder.

The retail group is continuing to pursue its elevation strategy, having opened its first new House of Fraser department store since 2018 earlier this year.