Hugo Boss chairman Stephan Sturm resigns as Frasers expands stake to 47.89%

Supervisory board leadership change

German fashion house Hugo Boss announced on 14 September 2026 that its supervisory board chairman, Stephan Sturm, will resign his position with effect from 15 October 2026. Sturm, the former chief executive of healthcare company Fresenius, joined the supervisory board in May 2025 before being elected to lead the body. The decision follows discussions initiated after changes in the ownership of the Metzingen-based textile group. Sturm will continue to serve as chairman of the supervisory board until a formal successor is elected, ensuring continuity in corporate oversight. Hugo Boss confirmed that the search for a new chairman begins immediately.

Following recent changes in the company's shareholder structure, I believe this is the right time for an orderly transition in the supervisory board chairmanship. Hugo Boss has an experienced supervisory board, a highly committed management board and a clear strategic direction. I am convinced that the company is well positioned to achieve future success.

Takeover bid and shareholding expansion

The leadership change follows months of friction between the German apparel manufacturer and British retail group Frasers, controlled by businessman Mike Ashley. On 10 June 2026, Frasers announced a voluntary public takeover offer to purchase all outstanding shares in Hugo Boss at 38 euros per share. That offer valued the share package outside Frasers' control at approximately 1.925 billion euros. When the acceptance window closed on 13 August 2026, Frasers lifted its stake from 26.06% to 47.89%. Although this fell short of an absolute majority, the British retailer confirmed that it intends to acquire additional shares in the open market to achieve majority control.

Board succession and governance reshuffle

Frasers Group is utilizing its enlarged holding to reshape governance at the Baden-Württemberg firm. Frasers chief executive Michael Murray, who has led the British conglomerate for four years and joined the Hugo Boss supervisory board in May 2025, is slated to become the next supervisory board chairman. Murray is also the son-in-law of Frasers majority owner Mike Ashley. Alongside Murray's appointment, Frasers plans to place corporate lawyer Robert Palmer on the supervisory board as its second representative, a move that requires formal confirmation by the local district court. Corporate sources dismissed press speculation from The Times suggesting Murray would take over the operational chief executive role from Daniel Grieder.

Company response and transition process

The separation between Sturm and the British majority shareholder was characterized by internal sources as amicable despite months of strategic disagreement regarding the takeover. Supervisory board deputy chairman Sinan Piskin expressed gratitude for Sturm's contributions and confirmed that the board would coordinate closely with him to manage the transition. Frasers Group stated that both parties agreed a leadership transition was appropriate as Hugo Boss enters a new operating phase. The British company had previously committed to supporting the general corporate strategy executed by management board chief Daniel Grieder during the initial launch of the tender offer.

On behalf of the Supervisory Board, I would like to thank Stephan Sturm for his leadership, commitment and dedication to Hugo Boss. We respect his decision and will work closely with him to ensure a smooth transition.

Frasers and Mr Sturm have therefore mutually agreed that Mr Sturm will step down from his position as chairman and member of the supervisory board as soon as possible.