Stephan Sturm, the Chairman of the Supervisory Board of Hugo Boss, is set to step down from his role. This decision comes after discussions with Frasers Group plc, Hugo Boss's largest shareholder, which recently increased its stake to nearly 48% and aims to push it above 50%. Both parties have mutually agreed that an orderly transition is appropriate given Hugo Boss's new chapter and changes in its shareholder structure.
Frasers Group is pushing for greater representation on the Supervisory Board. Currently, Frasers' CEO Michael Murray is a member, and the group now seeks to appoint Robert Palmer, a former accountant and ex-Frasers company secretary, as an additional representative. Sturm's departure is expected to occur as soon as permitted by Hugo Boss's constitution, with an anticipated departure date around October 15, 2026.
Frasers Group first acquired a stake in Hugo Boss in 2020 and has a history of building significant positions in suppliers to exert influence. Earlier in September 2026, Frasers indicated it was reviewing its support for Sturm as chairman following disagreements over dividend payments. Frasers made a $1.7 billion takeover offer for Hugo Boss in June 2026, which was rejected as inadequate by the German firm's board, but Frasers subsequently picked up about 17% of the company through a $38 per share offer, bringing its stake value to approximately $1.27 billion.
