Hugo Boss CEO Daniel Grieder to leave at year-end after Frasers takeover

Departure at year-end

Hugo Boss said on Thursday evening, 12 November, that chief executive Daniel Grieder will leave the German fashion group on his own request at the end of the year. The 65-year-old Swiss manager leaves about two months after the British Frasers Group took control of the company. Grieder has led Hugo Boss since June 2021, and the company's statement credited him with decisively shaping its transformation and with giving the Boss and Hugo brands new momentum through their relaunch. In the announcement, Grieder explained why he considered this the right moment to step aside.

“We have built a strong foundation, and I am convinced that now is the right time for me to hand over leadership to the next generation.”

Frasers takeover and the successor

Frasers Group is now the majority shareholder of Hugo Boss, and the successor comes directly from that investor. David Epstein moves from Frasers to Hugo Boss, where he takes charge on 1 January, according to Bloomberg. At Frasers he handled brand partnerships in the sport, premium and luxury segments, and Blick describes the group as Britain's largest fashion retailer. The Telegraph wrote that Mike Ashley has cemented his control over Hugo Boss with the appointment of the Frasers executive as the German retailer's new chief. Michael Murray is the new chair of the supervisory board.

A second exit and a lower sales outlook

Hugo Boss had already seen finance chief Yves Müller leave, and sales chief Oliver Timm is also leaving at the end of the year, as the company announced earlier in the week. The group withdrew its forecast for the current year because of weak consumer demand. It now expects sales to fall by up to nine percent. Grieder had described the relationship with Frasers as a constructive dialogue, and he said Hugo Boss could benefit from the British group's retail know-how. He also said Hugo Boss brings expertise of its own that Frasers can use.

Grieder's view of Frasers before the announcement

In an interview with Bilanz, Grieder said Frasers has a long-term interest in the site, the brand and the product. He said Frasers had its own opinions, which he described as the usual pattern in takeovers, comparing it to a buyer who looks under the hood of a car to see where it can be improved. He called this a normal process. He will not be part of that process at Hugo Boss, because his departure takes effect at the end of the year.

Reaction from the supervisory board

Supervisory board chair Michael Murray was quoted in the same announcement, praising Grieder for sharpening the company's positioning under his leadership. Murray said the company had created new ways for its brands to connect with consumers around the world. The statement presented the departure as part of a leadership handover that follows Frasers' takeover. The company has not given further detail in the announcement about the timing of Epstein's full responsibilities beyond his start on 1 January.