Mike Ashley’s Frasers feels lift from takeover spree

City PM Published Jul 16, 2026 Reviewed Jul 17, 2026 ✓ Reviewed by citations.press editors

Frasers Group launched a £1.7 billion bid for German fashion house Hugo Boss and a £166 million bid for Australian shoe firm Accent.

1700000000 GBP · Frasers Group Hugo Boss bid166000000 GBP · Frasers Group Accent bid

Frasers Group shares fell by 3% to 737p at Thursday’s market open, though the stock was up 10% year-to-date as of that date.

737 GBP pence · Frasers Group share price-3 % · Frasers Group share price change10 % · Frasers Group year-to-date share price return

Frasers Group, owned by Mike Ashley, reported revenue of £5.3 billion and pre-tax profit of £528 million for the year ending April, representing an 8% revenue increase and 39% profit growth year-on-year.

5300000000 GBP · Frasers Group revenue528000000 GBP · Frasers Group pre-tax profit8 % · Frasers Group revenue growth39 % · Frasers Group pre-tax profit growth

Frasers Group’s recent acquisition of South African sporting goods firm Holdsport and Norwegian sports retailer XXL, along with prior stake-building in Hugo Boss and Accent, added £50 million to adjusted profit in the last year.

50000000 GBP · adjusted profit contribution from Hugo Boss, Accent, Holdsport, and XXL stakes

Mike Ashley’s Frasers Group has seen its profit jump as it pushes ahead with a turnaround plan and launches a spree of takeover bids for foreign retailers.

The fashion group, which owns Sports Direct and Flannels, said its recent takeover bids and moves to build stakes in rivals are bolstering its balance sheet amid a “challenging environment”.

The FTSE 250 firm saw revenue jump by eight per cent to £5.3bn in the year to the end of April, as pre-tax profit grew by 39 per cent to £528m.

The group recently snapped up South African sporting goods firm Holdsport and Norwegian sports retailer XXL.

“Leveraging the strength of our UK Sport business and brand relationships, international expansion has become a powerful growth engine for the Group and a key pillar of our long-term strategy,” the firm said.

Frasers stepped up its takeover efforts in recent weeks with a £1.7bn bid for German fashion house Hugo Boss and a £166m play for Australian shoe firm Accent.

The group had been building up stakes in these companies ahead of its bids. These positions added £50m to adjusted profit in the last year, Frasers said.

The modest four per cent premium offered by the group’s bid for Hugo Boss had raised suspicions among analysts that the firm was not seeking full control of the luxury brand.

Frasers seemed to fuel this view on Thursday, saying that “increasing its investment in Hugo Boss will create value” for its shareholders.

The group added that it “remains supportive” of Hugo Boss’ existing leadership in its “pursuit of their sustainable growth strategy whilst continuing to build brand equity”.

The firm declined to provide investors with forward-looking financial guidance because of the uncertainty around these takeover attempts.

Alongside Frasers’ plays for rival brands, the company said it is working to “elevate” its existing suite of fashion names, which includes Everlast, Slazenger, Karrimor and Jack Wills.

The fashion firm said its turnaround strategy is “going from strength to strength”. It is piling investment into its high street stores, including a new flagship Sports Direct store in Liverpool.

But the company said it “continued to feel the impact of tough trading conditions, subdued consumer confidence and industry-wide excess inventory levels” at the start of this financial year.

Frasers shares slipped by three per cent to 737p on Thursday’s market open, though the stock remained up 10 per cent in the year to date.

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