Billionaire Mike Ashley’s Frasers Group has built a 48 per cent stake in Hugo Boss, accelerating its push into luxury retail. The UK retailer first bought shares in 2020 and crossed the 30 % threshold in July, triggering a mandatory €38‑a‑share offer for the remaining 74 % of the German fashion house.

The €2.7bn takeover bid lapsed last week after Hugo Boss’s supervisory board, chaired by Stephan Sturm, urged shareholders to reject it, arguing it undervalued the company. Sturm said the board looks forward to a “constructive relationship” with Frasers as its single largest shareholder.

Frasers, led by CEO Michael Murray, has also acquired Harvey Nichols for about £40 mn and built stakes in Burberry, Mulberry and Puma, while controlling over 90 luxury department stores. The group warned Hugo Boss it would vote against dividends, urging capital be used for growth.

“We’ll show them a bit of Dunkirk spirit — quote me, I don’t care,” Ashley told the FT, signalling a continued aggressive stance.