Frasers Group has announced that it has increased its stake in Hugo Boss to 47.89%, following the launch of a voluntary public takeover offer.

The update comes after the retail, real estate, intellectual property and investment conglomerate increased its stake in the German luxury fashion brand to 30.28%.

This exceeded the mandatory bid threshold under the German takeover code, following its £1.7bn takeover bid.

Frasers said that it has received valid acceptances of the offer, corresponding to approximately 17.62% of the share capital and voting rights of Hugo Boss, taking its ownership to 47.89%.

The group said that for the purposes of takeover rules, it can confirm there has been no material change affecting any matter contained in the announcement made in relation to the offer.

Following the announcement, shares in Frasers increased by 2.5%.

---