Frasers Group has issued a statement saying its offer of €38 per share for the remaining 73.42 per cent of luxury fashion house Hugo Boss is final, and will not increase during the acceptance period.

The announcement, made on the London Stock Exchange Thursday, places its final bid at approximately €1.93 billion, or £1.68 billion.

“The Offer Price is final and Frasers bindingly and irrevocably declares that it will not increase the Offer Price during the acceptance period and the additional acceptance period,” the retail conglomerate said.

Frasers announced its unsolicited bid on 10 June, leading to an increase in share price from €36.44 to over €39, though they have now settled between €37 and €38. At the time of the announcement, its offer represented an approximately 4 per cent premium on its previous price.

At the time, Hugo Boss said the takeover offer “had not been coordinated” with the company and said it would thoroughly examine the offer and issue a reasoned statement. The company has not yet publicly endorsed or rejected the offer.

Frasers said in a statement that its acquisition would generate increased value for shareholders, adding that the brand was currently “one of the top five brands across the Frasers Group”.

This is the company’s latest pursuit in the high fashion and luxury retail space following its name change in 2019 to better reflect its increased focus on upmarket offerings.

It is showing no signs of slowing its acquisition strategy, either. On 16 June, the group launched £166 million takeover bid for Australian footwear and clothing retailer Accent Group, which would grant it access to brands including Hype DC, Platypus and Stylerunner.

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