BERLIN — The Groupe Bruxelles Lambert (GBL) is said to have taken a stake in Hugo Boss, according to German media reports.
According to an article in Manager Magazin to be published Feb. 17, GBL said the investment vehicle of Belgian billionaire Albert Frère has acquired close to a 3 percent interest in Boss. Spokespersons for both parties declined to comment.
It should be noted that Boss has not published a voting rights notification naming GBL, which is required when a stake of 3 percent or more has been acquired in the Metzingen-based group.
The news pushed Boss shares up 6.56 percent to 64.18 euros, or $68.49 at current exchange, at the close of trading Feb. 16 on the Xetra electronic exchange in Frankfurt. Boss shares has been under significant pressure over the past year, following multiple profit warnings, a top level shake-up and strategic shifts. However, the last few months have seen moderate improvement, and this latest move by GBL is being read as a sign of renewed investor confidence in the troubled brand.
GBL, on the other hand, is considered to be an “active” and not always comfortable investor. The group, which started with a 3 percent interest and now has a 7.2 percent stake in Adidas, successfully pushed for a seat on the sports brand’s advisory board.
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Citing “insider” information, Manager Magazin said GBL is purportedly planning to increase its stake in Boss in the future.