Frasers Tells Hugo Boss It Won’t Approve Dividends

Frasers Group Plc warned Hugo Boss AG it will vote against any dividends, as the British retailer owned by billionaire Mike Ashley exerts its influence after years of building a stake in the German fashion house.

Hugo Boss’s management should prioritize funding long-term growth and financial flexibility over paying out dividends, Frasers said in a statement late Thursday. It also said the company’s stock is undervalued, and called on Hugo Boss to redeem all its treasury shares.