Frasers Group is reportedly seeking to install chief executive Michael Murray at the helm of Hugo Boss, in a push to take control.
The Sports Direct owner is strongly considering appointing Murray as Hugo Boss chief executive, if its takeover attempt succeeds.
The appointment would give Frasers greater control over the premium fashion brand and represent a major escalation of its acquisition strategy.
Murray, who is the son-in-law of Frasers founder and controlling shareholder Mike Ashley, has led the retail group since taking over as chief executive in 2022.
He has spearheaded Frasers’ “elevation” strategy, which has focused on moving the business further into premium and luxury retail through its Flannels and Frasers department store chains.
Murray already sits on the Hugo Boss supervisory board, having been elected in May 2025, and is due to serve until 2030.
Frasers tightens grip on Hugo Boss
Frasers recently increased its direct holding in Hugo Boss to approximately 30.3 per cent, crossing the threshold that triggers a mandatory takeover offer under German law.
Frasers launched a €38-per-share cash offer for the shares it does not already own in June.
However, the Hugo Boss management and supervisory boards unanimously recommended that investors reject the approach, arguing that it undervalued the business and its long-term growth potential.
Murray was excluded from the Hugo Boss committee assessing the bid and did not participate in its discussions because of the potential conflict of interest.
Frasers initially backed incumbent Hugo Boss chief executive Daniel Grieder when launching its offer, making the reported plan to replace him a significant shift in its position.
Hugo Boss generated sales of €4.27bn in 2025 but expects revenue to fall by a mid-to-high-single-digit percentage this year as it reshapes its brands, product ranges and distribution channels.
The company is attempting to improve profitability amid weak consumer demand, particularly in China, and greater pressure across the global luxury market.
Taking control of Hugo Boss would mark Frasers’ biggest deal to date and significantly expand its presence in international premium fashion.
It would also add to the complexity of Murray’s acquisition-led strategy, with Frasers simultaneously pursuing Australian footwear retailer Accent Group and investing across a growing portfolio of retail businesses.
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