Hugo Boss chairman Stephan Sturm will leave the company following “constructive discussions” amid recent changes in the company, the German fashion group told Reuters.
Frasers Group said it had agreed with Sturm that an orderly transition in the supervisory board chairmanship was appropriate as Hugo Boss entered a “new chapter” in its history.
“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,” a statement from Frasers said.
Only last month, Frasers increased its stake in the luxury fashion brand to 48 per cent. The Sports Direct and Flannels owner now holds 47.89 per cent of Hugo Boss’s share capital and voting rights after shareholders tendered more than 12.1m shares into its takeover offer.
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The shares accepted under the deal represent 17.62 per cent of Hugo Boss, with Frasers now holding a total position of more than 33m shares in the group.
Frasers launched its near £1.7bn takeover bid for Hugo Boss in June, offering investors €38 per share for the stock it did not already own.
Reuters are also reporting Frasers is seeking to increase its representation on Hugo Boss’ supervisory board and plans to appoint a second representative alongside Frasers chief executive Michael Murray.
This increased attention for Hugo Boss comes as Frasers looked to grow its luxury retail portfolio.
Last month it acquired luxury department store Harvey Nichols out of administration for around £43m, taking control of its six UK stores, ecommerce operations and international franchise agreements.
However, this luxury spending spree has come at a cost, with Frasers’ total net debt rising from £941m to £1.26bn in the year to 26 April 2026.
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