Frasers announced a plan to buy the 73.42% stake in Hugo Boss it does not yet hold for 1.93 billion euros ($2.2 billion) at 38 euros per share. The offer follows a brief announcement last month that the purchase would complete the company’s control.

Hugo Boss issued a letter urging shareholders to decline the bid, arguing the price underscores the company’s value and its medium‑to‑long‑term growth prospects. The German fashion house said it remains focused on its own strategy and is well‑positioned to generate sustainable long‑term shareholder value.

Both Bank of America and Goldman Sachs provided independent valuations that reinforce the rejection stance. Their analyses suggest the bid does not reflect the standalone worth of Hugo Boss or its potential for expansion.

The move sparks a sharp sell‑off in Hugo Boss shares, sending the stock below the bid price. Analysts caution that the outcome could reshape the competitive landscape for European apparel brands, prompting rivals to reassess their own growth and acquisition strategies.