Stephan Sturm, Chairman of Hugo Boss's supervisory board, is stepping down from his role. This decision comes after pressure from Frasers Group Plc, the German fashion house's largest shareholder. Frasers Group, led by Mike Ashley, has been increasing its stake in Hugo Boss, which now stands at nearly 48%, with intentions to exceed 50%. The move follows Frasers Group's voluntary takeover offer for Hugo Boss and subsequent discussions regarding the composition of the supervisory board.
Frasers Group and Sturm mutually agreed that an orderly transition was appropriate given the changes in Hugo Boss's shareholder structure. Sturm will step down as Chairman and as a member of the Supervisory Board as soon as permitted by Hugo Boss's constitution, with an effective date of October 15, 2026. He had only been in the role for just over a year, with his tenure originally set to run until the end of the decade.
Frasers Group is also seeking to appoint Robert Palmer, a former accountant and ex-Frasers company secretary, as an additional representative on the Supervisory Board. He will serve alongside Michael Murray, Frasers Group's Chief Executive Officer and Mike Ashley's son-in-law, who already holds a seat. Frasers Group had previously indicated it was reviewing its support for Sturm as chairman following disagreements over dividend payments, which led Hugo Boss to terminate its share buyback program. The UK retail empire's push for control of Hugo Boss is part of its broader strategy to expand into high-end fashion, exemplified by its acquisition of Harvey Nichols in August.
