UK retailer Frasers raises stake in Hugo Boss to nearly 48%

Aug 18 (Reuters) - Mike Ashley's Frasers has raised its stake in German retailer Hugo Boss to nearly 48%, it said on Tuesday as the British retailer pushes ahead with its expansion into the luxury space.

Here are some details: 

• Frasers, controlled by British retail tycoon Ashley, had launched a voluntary €38 ($43.99)-per-share cash offer for Hugo Boss shares it did not already own in June.

• As of the voluntary offer's launch, it held 26.06% of Hugo Boss.

• Hugo Boss last month urged its shareholders to reject Frasers' hostile €2 billion takeover attempt, saying it was "financially inadequate".

• The offer for Hugo Boss had received the European Union's clearance in late July.

• “We appreciate Frasers Group’s continued long-term commitment to HUGO BOSS and look forward to maintaining a constructive relationship with them as our single largest shareholder,” Stephan Sturm, chairman of the supervisory board of Hugo Boss, said in a statement.

• Hugo Boss said it will continue to execute its strategy, launched in December 2025, aimed at delivering sustainable growth and long-term shareholder value through 2028.

• Frasers, which has been steadily expanding its retail operations via takeovers and buying substantial stakes, last month withheld its fiscal 2027 guidance, citing uncertainty related to its takeover bids for Hugo Boss and Australian footwear retailer Accent.

($1 = 0.8639 euros)

(Reporting by Prerna Bedi and Anushka Chourasia in Bengaluru; Editing by Mrigank Dhaniwala)