The chairman of Hugo Boss, Stephan Sturm, has stepped down after approximately one year in the role, following pressure from Mike Ashley's Frasers Group. The retail conglomerate has been steadily increasing its stake in Hugo Boss, now holding close to 50 percent, as it signals intentions for a potential takeover.
Frasers Group plans to appoint a second representative to Hugo Boss's board following Sturm's decision to step down. Sturm, who was elected chairman in May 2025, had faced months of pressure from Frasers, which initially opposed his leadership before revising its stance in June. Frasers had sought to install its chief executive and Ashley's son-in-law, Michael Murray, as Hugo Boss's chief executive.
"Both parties share the view that, as Hugo Boss enters a new chapter in its corporate history, this is an appropriate point in time for an orderly transition in the office of chairman," Frasers stated. Sturm will continue as chairman until October 15 or until a successor is appointed.
"Following the recent changes in the company’s shareholder structure, I believe that this is the right time for an orderly transition in the chairmanship," Sturm said in a statement. "Hugo Boss has an experienced supervisory board, a highly committed managing board and a clear strategic direction. I am convinced that the company is well positioned for future success."
Frasers Group first invested in Hugo Boss in 2020 and has since built its stake. The shareholding reached around 36 percent in July. The company subsequently offered to acquire the remaining shares for approximately £1.7 billion, or €38 per share, an offer Hugo Boss rejected as "inadequate."
In August, 17.6 percent of Hugo Boss investors tendered their shares in support of Frasers' bid, increasing the group's ownership to nearly 48 percent. This move is part of Frasers' broader strategy to expand its presence in the luxury market, following its recent acquisition of the department store chain Harvey Nichols for £40 million.