Hugo Boss: Eye on Frasers' Announcement

Research evidence excerpt

Hugo Boss: Eye on Frasers' Announcement

Update

June 11, 2026 06:33 AM GMT

Morgan Stanley & Co. International plc+MHugo Boss | Europe Grace Smalley, CFA

Equity Analyst

Eye on Frasers' Announcement Grace.Smalley@morganstanley.comEdouard Aubin +44 20 7425-9629

Edouard.Aubin@morganstanley.com +44 20 7425-3160

Natasha Bonnet

What's new? Post market close, Frasers issued a press release (see here) Natasha.Bonnet@morganstanley.com +44 20 7677-5723

announcing its decision to launch a voluntary public takeover offer for Hugo Boss Cedric Norest

Research Associate

shares not currently held by Frasers. Frasers intends to offer €38.00/share in cash Cedric.Norest@morganstanley.com +44 20 7425-1462

(=4% premium to Hugo Boss' closing share price) for the ~74% of shares it does not

Hugo Boss AG (BOSSn.DE, BOSS GY)

currently own, implying an aggregate consideration of approximately €2bn and an

Brands | Germany

equity valuation of ~€2.7bn. Subject to regulatory clearances, Frasers expects the

Stock Rating Equal-weight

offer to complete in H2 26. Hugo Boss has issued a short press release in response Industry View In-Line

noting the takeover offer has not been coordinated with the company, and that Price target €39.00

Shr price, close (Jun 10, 2026) €36.46

Hugo Boss plans to thoroughly examine the offer following the publication of the 52-Week Range €44.08-33.85

offer document. At the time of writing, there has been no specific comment from Mkt cap, curr (mn) €2,516

Net debt (12/26e) (mn)* €(77)

the Marzotto family (=Hugo Boss' largest shareholder after Frasers Group w/ a EV, curr (mn)* €2,489

~14% stake though PFC S.p.A. and Zignago Holding S.p.A.) on Frasers' press release * = GAAP or approximated based on GAAP

to the best of our knowledge. Fiscal Year Ending 12/25 12/26e 12/27e 12/28e