Mike Ashley's Frasers Group eyes majority ownership of Hugo Boss as it reconsiders support for German retailer's chief

See more This is Money on Google - save us as a Preferred Source Updated: 06:17 EDT, 1 September 2026 Mike Ashley’s Frasers Group is plotting to buy more shares and take majority control of Hugo Boss as it reconsiders its support for the firm’s chair.The retail giant, owned by the billionaire, last month said it had increased its shareholding in the German fashion house to 47.89 per cent after recent deals to acquire extra shares.This morning, Frasers said it intends to ‘further increase’ its ownership of Hugo Boss as it tightens its grip on the retailer just weeks after buying Harvey Nichols.It told investors that it intends to bring its holding to above 50 per cent of the overall share capital and voting rights. British billionaire Mike Ashley is looking to move further into the luxury market The company also said it is reviewing whether it supports the current chair of Hugo Boss’s supervisory board, Stephan Sturm. It marks another u-turn for Frasers, which initially opposed Mr Sturm's leadership before revising its stance in June.The FTSE 250 retailer has built its holding in Hugo Boss, which it stocks in its Flannels and Frasers shops, since its first investment in 2020, sparking speculation it would one day make a formal offer.Ashley had reportedly been hoping to install Michael Murray, his son-in-law and Frasers boss, as chief executive of Hugo Boss.In July, Frasers owned around 36 per cent of Hugo Boss, breaching the 30 per cent threshold after which companies are required to make a mandatory takeover bid under German takeover law.It offered to pay around £1.7billion for the remaining shares, equivalent to €38 per share.Hugo Boss's management and supervisory board said the deal was 'inadequate from a financial point of view' and urged shareholders to reject it.Last month, 17.6 per cent of Hugo Boss investors tendered their shares in support of its €38 per share takeover bid bringing its stake to nearly 48 per cent.It comes shortly after Frasers ramped up its presence in the luxury market after buying department store chain Harvey Nichols.The £40million rescue deal came after the chain warned it would run out of money if it failed to secure new investment.The acquisition forms part of Frasers' 'elevation strategy' aimed at increasing its presence in the luxury market, building on the growth of its Flannels brand.However, Murray warned the deal would require 'tough choices', adding: 'We are prepared to make those decisions, even if it means a smaller business in the near term.'DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you