Michael Murray Appointed Chairman of Hugo Boss as Frasers Increases Stake
Mike Ashley's retail group Frasers strengthens its control over the German fashion house with the promotion of his son-in-law.
Michael Murray, chief executive of Frasers Group, has been appointed the new chairman of Hugo Boss, a move that signifies an intensified hold by his father-in-law Mike Ashley over the German fashion label. Frasers, the retail giant owned by billionaire Ashley, has been steadily increasing its shareholding in Hugo Boss and is now close to acquiring 50 percent of the company, fueling speculation of a potential takeover.
The transition follows the recent departure of Hugo Boss chairman Stephan Sturm, who stepped down earlier this week after discussions with Frasers. Sturm had been in the role of chairman since May 2025 and had faced mounting pressure in recent months.
Murray, 36, is one of the youngest chief executives in the FTSE 250 index and is married to Ashley's eldest daughter, Anna. He was already a member of the Hugo Boss board.
"I am looking forward to building on the company’s strong foundation and supporting the execution of its strategic priorities," Murray stated. He added, "By ensuring continuity and maintaining a clear long-term perspective, we will focus on unlocking the full potential of Hugo Boss and creating sustainable value for all shareholders and stakeholders."
Frasers first invested in Hugo Boss in 2020, stocking the brand in its Flannels and Frasers retail outlets. By July, its stake had grown to approximately 36 percent. In August, a significant portion of Hugo Boss investors, representing 17.6 percent of shares, tendered their holdings in support of Frasers' bid, bringing the group's stake to nearly 48 percent. Frasers had previously offered approximately £1.7 billion for the remaining shares, equivalent to €38 per share, but this offer was rejected by Hugo Boss as "inadequate."
This strategic move into Hugo Boss is part of Frasers Group's broader push into the luxury market. The company recently acquired the department store chain Harvey Nichols for £40 million. Shares in Frasers were down 4 percent in London on Wednesday morning.