Frasers Group follows Hugo Boss bid with takeover offer for Accent Group

Following Frasers Group’s £1.73 billion takeover offer for Hugo Boss last week, the Mike Ashley owned company is now looking to acquire Australia’s Accent Group for £166m, according to media reports.

Frasers Group is already a majority shareholder (almost 23%) of Accent Group, which sells brands including Hype in Australia as well as operating multi-brand retailer Platypus Shoes. It is also reported to handle Frasers Group’s Sports Direct in the region.

Victoria-based Accent Group said its board is weighing up the offer thought it has advised ​its shareholders ⁠to take no action at this moment. A company statement (from 15 June) reads:

“Accent Group recommends shareholders take no action in relation to an offer from Frasers Group PLC Frasers Group plc (Frasers), which has today announced an unsolicited on-market takeover offer to acquire all Accent shares that Frasers and its associates do not already own for A$0.65 cash per Accent share (offer).

“The offer price is equal to the last closing price of Accent shares on 12 June 2026 and therefore represents no premium to that closing price; Frasers’ own substantial holding notice discloses that its last on-market purchases of Accent shares occurred between 3 February 2026 and 5 February 2026, at average prices above A$0.90, which is materially above the offer price.

“Because the offer is an on-market bid, shareholders who sell their Accent shares to Frasers will not be able to withdraw that sale and will not receive the benefit of any increase in the offer price or any superior proposal that may emerge.

“The Accent Board is considering the offer, together with its advisers, and will provide shareholders with a formal recommendation in a target’s statement in accordance with the Corporations Act.

Accent shareholders are urged to wait until they receive and read Accent’s target’s statement before deciding whether to accept or reject the offer.”

Last week saw Frasers Group’s six years of stake-building in Hugo Boss culminate in an offer of €1.98 billion (£1.73bn).

Frasers already owns 26.06% of the German premium fashion company's share capital. The offer covers the remaining 73.94%.

The bid landed as Hugo Boss works through a strategic reset after falling sales, while Frasers has been expanding its influence across European. Frasers presents the move as “long-term value creation”.

However, Andrea Ferdinando Leggieri, consumer analyst at Bloomberg Intelligence, questioned the premium, given weakened earnings expectations.

Hugo Boss shares closed at €36.44 on the day before the announcement, putting the offer at a premium of around 4.3%. Hugo Boss said the bid was unsolicited and that its management board and supervisory board would “thoroughly examine the offer and issue a reasoned statement”.

Frasers CEO Michael Murray joined the Hugo Boss's supervisory board last year as a result of the group's growing shareholding, but Frasers said Murray “did not participate in the board's discussion of, or decision to make, the offer.”

Completion is targeted for the second half of 2026, subject to shareholder approval and regulatory clearance.