Frasers Group has said it will not raise its takeover offer for Hugo Boss as Mike Ashley’s retail empire attempts to take full control of the German fashion house.

The Sports Direct and Flannels owner confirmed that its €38-a-share offer is final and will not be increased during the acceptance period or any additional acceptance period.

The offer values the remaining stake in Hugo Boss that Frasers does not already own at around €1.93bn (£1.7bn).

Frasers, which is already Hugo Boss’ largest shareholder with a stake of around 26 per cent, launched the voluntary public takeover offer earlier this month.

The retailer said at the time that the deal would allow it to “facilitate further investment” in the fashion brand.

The bid is not subject to a minimum acceptance threshold and Frasers previously said it expects the transaction to complete in the second half of the year.

Hugo Boss said the offer had not been coordinated with the company and that its management and supervisory boards would examine the proposal before issuing a formal response.

The €38-a-share offer represented a premium of around 4 per cent to Hugo Boss’ closing share price on 10 June.

Frasers’ pursuit of the brand marks the latest step in its long-running push into premium and luxury fashion, which has already seen the group build stakes in brands and retailers including Hugo Boss, Mulberry, ASOS and Boohoo.

The Shirebrook-based group has steadily increased its exposure to Hugo Boss since first taking a position in the business in 2020.

Frasers chief executive Michael Murray, who also sits on Hugo Boss’ supervisory board, did not take part in the board discussion or decision to make the offer.

Hugo Boss has been attempting to reset its strategy after weaker trading, with plans to streamline its product range, refresh stores and increase its focus on womenswear.

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