Mike Ashley’s Frasers makes €1.98bn takeover bid for Hugo Boss

The retail billionaire Mike Ashley has launched his second takeover bid in a week, attempting to snap up Australian footwear business Accent Group, days after announcing a tilt at Hugo Boss.

Ashley’s Frasers Group , which already owns the biggest single stake in Accent at 22.9%, said it will offer 65 Australian cents (34p) a share for the remainder of the business, at the same level as its closing price on Friday.

The A$316m (£166m) bid marks the latest move in Ashley’s deal spree, after the British billionaire launched a near-€2bn (£1.73bn) takeover offer for the German luxury fashion brand Hugo Boss last week.

If the bids are successful, it would add two new brands to a group that already owns the Frasers department stores, formerly House of Fraser, Sports Direct and the bicycle retailer Evans Cycles.

Ashley, who is known for his controversial business tactics , retains a 73% stake in Frasers, which he built from a single sports store in Maidenhead, Berkshire and opened in 1982 with £10,000 from his parents. He stepped down from the board in 2022.

His wealth grew by £317m to £3.44bn last year, according to the Sunday Times rich list.

Accent, which is listed on the Australian stock market, sells a string of brands in Australia including Skechers, Lacoste and Hype. It secured a deal last year with Frasers to launch and operate the Sports Direct retail business in Australia and New Zealand.

Frasers said in a letter to Accent shareholders that it was a “great believer in the strength sold through Accent’s retail network” and was “highly confident in the long-term potential of the brands in the Australian market”.

However, it said it had “significant concerns” about its management, including decisions to “prioritise shareholder distributions during a period of declining earnings, increased borrowing and ongoing growth investment obligations”.

The group also cited high executive pay at Accent, noting that at its last annual meeting, 82% of votes were against the company’s 2025 remuneration report. The chief executive, Daniel Agostinelli, received a total package of A$1.625m last year.

Shares in Accent have lost about a fifth of their value in the year to date. Last month it told investors that sales and gross profit margin had fallen this year. It also told investors that it would ramp up openings of more Sports Direct stores across Australia and New Zealand.

Accent, which is now headquartered in Melbourne, started out as a wholesale distributor in New Zealand in 1988. It has more than 800 stores, which offer 34 brands to its customers. It employs more than 8,600 people across Australia and New Zealand.

Shares in Accent jumped by as much as 15 % to 75 Australian cents on Monday, taking the company’s market value to A$450m.

Accent said its board was considering the offer and that it would provide shareholders with a formal recommendation later.