Frasers Group has offered to acquire the remaining Hugo Boss shares for about €1.98 billion (€38 per share) to take full control, on top of its existing roughly 26% stake.

The bid is headed to a shareholder vote, with regulators likely to approve if the bid gains support.

Frasers has steadily built its Hugo Boss stake since 2020, and Murray sits on Hugo Boss’s supervisory board.

Analysts from JPMorgan view the bid as capable of providing a near-term stock floor but see limited upside and no expectation of a competing bid.

Analysts say the premium reflects an accumulation strategy rather than intrinsic value, and several management-backed institutions may oppose the deal.

Hugo Boss stock traded near €38 after initial June excitement but remains about 50% below its July 2023 peak, highlighting growth and margin concerns.

Hugo Boss argues the offer undervalues its intrinsic value and long-term potential, citing a strong strategy, healthy financials, and planned profitability and cash-flow improvements.

CEO Daniel Grieder defends Hugo Boss’s strategy and says the company has a clear path to long-term value creation despite headwinds.

Post-pandemic demand weakness has pressured results, including a 1% sales decline and a cut to the 2026 operating profit forecast, with the turnaround plan dubbed 'Claim 5 Touchdown' running through 2028.

The market has reacted with the stock trading above the offer price on news, implying investors may view €38 as insufficient.

The takeover announcement came July 9, 2026, in Düsseldorf, with Hugo Boss reiterating focus on long-term shareholder value.

Hugo Boss’s turnaround under 'Claim 5 Touchdown' includes store revamps, a leaner product range, and an expanded womenswear line, aiming for about 12% EBIT margin and roughly €300 million in annual free cash flow by 2028.