EQS-PVR: HUGO BOSS AG: Release according to Article 40, Section 1 of the WpHG [the German Securities Trading Act] with the objective of Europe-wide distribution

By written communication dated 9 August 2024 and received on the very same day, HUGO BOSS AG has been notified pursuant to section 43 para. 1 WpHG as follows:

Refer to the voting rights notifications of Michael Ashley (among others) dated 18 and 23 July 2024. On 17 July 2024, Frasers Group Plc. exceeded the threshold of 10% of the voting rights from shares of Hugo Boss AG, on 22 July 2024 the threshold of 15 %. It currently directly holds more than 15 % in Hugo Boss AG.

On behalf of Michael Ashley, Mash Holdings Limited and Mash Beta Limited and the Fraser Group Plc., we hereby inform you of the objectives of the investment in Hugo Boss AG and origin of the funds used for the acquisition of the significant shareholding pursuant to Section 43 (1) WpHG as follows:

1. The objectives pursued with the acquisition of voting rights:

a) Frasers Group Plc. views the acquisition of shares in Hugo Boss AG as a strategic investment.

b) Frasers Group Plc. does not rule out the possibility of acquiring further shares in the next 12 months, depending on market and company developments. It is obliged to acquire shares if shares in Hugo Boss AG are tendered to it based on the financial instruments issued by it (see the voting rights notifications dated 18 and 23 July 2024).

c) As a major shareholder of Hugo Boss AG, Frasers Group Plc. endeavours to have appropriate representation on the Supervisory Board. Frasers Group Plc. shares the recommendation in C.7 of the German Corporate Governance Code, according to which more than half of the shareholder representatives on the Supervisory Board should be independent of the company and the Management Board. 

d) Frasers Group Plc. supports the improvement of the capital efficiency of Hugo Boss AG in the sense of long-term value-orientated corporate management. Frasers Group Plc. is not currently seeking to make any significant changes to the capital structure of Hugo Boss AG, in particular the ratio between equity and debt financing and the dividend policy.

2. Origin of the funds used in accordance with Section 43 (1) sentence 4 WpHG:

Frasers Group Plc. financed the shares out of funds available to it to finance its business activities. No separate debt financing was raised.