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Hugo Boss set to become Frasers subsidiary as stake crosses 50%

By Reuters News

Oct 23 (Reuters) - Mike Ashley's Frasers FRAS.L said on Friday it has raised its stake in Hugo Boss BOSSn.DE to more than 50%, meaning the German fashion group would become a subsidiary of the British retailer.

Frasers, which made a failed €2 billion takeover bid for the German fashion house in June, said it had bought a further 198,666 shares for about €7.6 million ($8.51 million), taking its total stake to about 34.5 million shares, or 50.08%.

Frasers said Hugo Boss’s earnings, assets and liabilities are expected to be consolidated into its accounts as the stake passes 50%.

Hugo Boss did not immediately respond to a request for comment from Reuters.

($1 = 0.8935 euros)

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