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German Brands Change Hands: Frasers Controls Hugo Boss, Anta Is Puma’s Largest Shareholder

Within one month, two of Germany’s best-known brands passed into the hands of a British retailer and a Chinese brand operator. What the shift says about who now holds power in luxury.

Eva Winterer

Frasers Group and Anta Sports now hold the largest stakes in Hugo Boss and Puma, which puts two of Germany’s best-known brands in the hands of a British retailer and a Chinese sportswear group. Frasers, which owns Sports Direct, Flannels and Harvey Nichols, took control of Hugo Boss on 23 October 2026, when its holding passed 50 per cent. Anta became Puma’s largest shareholder on 7 October, after buying the Pinault family’s 29.06 per cent stake.

● In brief

Hugo Boss. Frasers now owns 50.08 per cent of Hugo Boss. In June the company rejected a cash offer from Frasers of €38 a share. Michael Murray, Frasers’ chief executive, has chaired the Hugo Boss supervisory board since 16 September, and Daniel Grieder remains chief executive.

Puma. Anta paid €1.51bn, or €35 a share, to Artémis, the Pinault family’s holding company. Anta has said it will remain a minority shareholder and is seeking seats on Puma’s supervisory board.

Results. Puma reported a third-quarter net loss of €54.9m on 30 October and expects an operating loss for the full year. Arthur Hoeld, its chief executive, said: “October marked an important new chapter in Puma’s history, with the entry of Anta Sports as our largest shareholder.”

Frasers in luxury. On 5 October Frasers launched Frasers Group Luxury, which combines Flannels, Harvey Nichols and the Miami boutique The Webster.

Grace Elizabeth in a camel blazer and V-neck knit in the BOSS autumn/winter 2026 campaign; Frasers Group now controls Hugo Boss and Anta Sports is Puma's largest shareholder
Grace Elizabeth in the BOSS autumn/winter 2026 campaign. Courtesy of HUGO BOSS

● Why it matters

Ownership of Europe’s heritage brands is moving from the families that built or collected them to groups that run shops and brand portfolios. The Pinault family bought into Puma in 2007, when its group still owned department stores, and has now sold its last major stake outside luxury. Its holding company keeps Kering, Christie’s, Château Latour, the cruise line Ponant and the Hollywood agency CAA.

Both buyers have done this before. Anta bought the Chinese rights to Fila in 2009 and turned the Italian label into one of its largest businesses by repositioning it for China’s cities. Frasers began as a discount sports chain and has spent a decade moving up the market through Flannels, Harvey Nichols and stakes in Burberry and Mulberry.

The next steps are already set. Frasers may buy more Hugo Boss shares within the next twelve months, and Anta wants a say on Puma’s board as the brand works through a loss-making year. Decisions on where both brands are sold, and to whom, will increasingly be taken by owners who know retail from the inside.

Grace Elizabeth in the BOSS autumn/winter 2026 campaign; Frasers Group now controls Hugo Boss Continue · The reading Who Owns Puma and Hugo Boss Now Germany’s brands shift to retailers and brand builders. Five signals on where power in luxury is moving. Read on →

Sources

  • Hugo Boss AG, voting rights notifications and investor news, October 2026: group.hugoboss.com
  • Frasers Group plc, regulatory announcements on Hugo Boss AG and Frasers Group Luxury, September and October 2026: frasers.group
  • Puma SE, third-quarter 2026 results, 30 October 2026: about.puma.com
  • Anta Sports Products Ltd, announcement on the completion of the Puma share purchase, October 2026: ir.anta.com