Hugo Boss's Chairman Exits as Frasers Tightens Its Grip

Frasers Group's push for control of Hugo Boss claimed its first boardroom scalp this week, as chairman Stephan Sturm agreed to step down by 15 October.

Hugo Boss announced on 14 September that Stephan Sturm will step down as chairman and member of its supervisory board. Frasers Group and Sturm described it as a mutual agreement, reached as the company enters what both sides called a new chapter.

Sturm's last day is 15 October. He stays on as chairman until a successor is elected. Hugo Boss said it has started the search immediately.

How Frasers Got Here

Frasers Group, the UK retail group controlled by Mike Ashley, launched an unsolicited bid for Hugo Boss in June, offering around €2 billion for up to 74 percent of its shares at €38 each. Hugo Boss's board rejected the offer as inadequate.

Frasers turned to shareholders directly instead. Its stake rose from about 26 percent to 47.89 percent, after more than 12.1 million shares were tendered into its offer. Hugo Boss suspended, then ended, its own share buyback programme in response.

Frasers has said it intends to take its holding above 50 percent.

The Boardroom Push

Frasers is also seeking a second seat on the supervisory board, nominating former Frasers company secretary Robert Palmer. Frasers chief executive Michael Murray already holds one seat.

Under Germany's two-tier board system, the supervisory board oversees and appoints the managing board that runs the company day to day. Controlling that board is a route to influence that does not require full ownership.

The Backdrop

Hugo Boss is calling 2026 a year of transition. Revenue was €4.27 billion in 2025, but first-half sales this year fell 8 percent, with a 9 percent drop in the second quarter alone. Its largest market, EMEA, was down 13 percent in that quarter.

Frasers, meanwhile, has been building toward premium and luxury retail. It acquired British department store Harvey Nichols last month, and holds stakes in Asos, Debenhams and Currys alongside Sports Direct, Flannels, Jack Wills and House of Fraser.

Who's Who

Sturm became Hugo Boss chairman in May 2025, after close to two decades as chief financial officer of the healthcare group Fresenius. He also holds board roles at Lufthansa and the Heinz Hermann Thiele foundation, which controls the manufacturer Knorr-Bremse.

Frasers Group was founded by Mike Ashley and is now run by chief executive Michael Murray, Ashley's son-in-law.

Key Takeaways

1. Frasers does not need full ownership to steer Hugo Boss. A board seat under Germany's two-tier system can be enough.
2. A rejected takeover bid is not the end of a campaign. It can just move from a tender offer to a boardroom one.
3. Sturm's exit lands while Hugo Boss's own numbers are under pressure, giving Frasers's push more room to make its case.
4. Watch who succeeds Sturm. That appointment will show how much control Frasers has actually won.