Sports Direct owner Mike Ashley tightens hold on Hugo Boss
Summary
Mike Ashley’s company, Frasers Group, has increased its ownership in the German luxury fashion brand Hugo Boss to almost 48%. This move follows a rejected takeover bid and shows Ashley’s growing influence in the luxury retail market.Key Facts
- Frasers Group raised its stake in Hugo Boss to 48%, just under full control.
- Ashley offered €2 billion for Hugo Boss in June, but the board said the offer was too low.
- Around 17.6% of Hugo Boss shareholders accepted Ashley’s offer of €38 per share, a small increase over the previous share price.
- Ashley’s company has owned a Hugo Boss stake since 2020 and has pushed for changes at the company.
- Hugo Boss faces challenges like weak sales in women’s clothing and low demand in China.
- Frasers also owns other retail brands like Sports Direct, Harvey Nichols, Flannels, and Mulberry.
- Ashley bought Harvey Nichols recently to help save it from financial trouble.
- Ashley started with a single sports store and now owns most of Frasers Group, which he built into a retail empire.
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