German luxury fashion house Hugo Boss is likely to be acquired by Mike Ashley’s Frasers Group. As per Apparel Resources, Frasers Group increased share in Hugo Boss in January this year up to 15.2 per cent. It represents 5.1 per cent of Hugo Boss’ total share capital. The Group intends to be a ‘supportive shareholder’ of the German fashion brand.

Frasers Group also owns 3.3 million shares through contracts for difference, which represents 4.8 per cent of Hugo Boss’ shares, and 3.7 million shares through the sale of put options –amounting to 5.3 per cent of the retailer’s share capital.

Known for selling apparels, accessories, footwear and fragrances, Hugo Boss is one of the largest apparel companies of Germany, with worldwide sales of €2.9 billion in 2019. The company was founded in 1924 by Hugo Boss and originally produced general purpose clothing.

With the rise of the Nazi Party in the 1930s, Boss began to produce and sell Nazi uniforms. Boss would eventually supply the wartime German government with uniforms for organizations such as the Hitler Youth and Waffen-SS, resulting in a large boost in sales.