Hugo Boss has formally advised its shareholders to reject a takeover proposal from Frasers Group, labeling the bid as inadequate.
The German fashion house's board moved to block the acquisition attempt by Mike Ashley's retail conglomerate, which already holds a 26 percent stake in the company.
This marks the latest escalation in Frasers Group's aggressive expansion strategy, which has faced stiff resistance from target companies.
The rejection adds to a growing list of targets that have successfully fended off Frasers Group's advances.
In recent weeks, Australian footwear retailer Accent Group also dismissed a hostile bid from Frasers, characterizing the offer as opportunistic and materially undervalued.
Accent Group's board advised its investors to vote against the acquisition, citing concerns over dividend elimination and strategic fit.