Hugo Boss has opened the search for a new chairman as Frasers seeks a second seat on the supervisory board.
Frasers Group is moving its near-48 percent stake in Hugo Boss into greater boardroom influence, with supervisory board chairman Stephan Sturm stepping down following recent changes in the German fashion group’s shareholder structure.
Hugo Boss said Monday that Sturm will leave the supervisory board effective Oct. 15, while remaining chairman until a successor is elected or until his departure date. The company said it has launched the succession process with immediate effect.
The move comes weeks after Frasers emerged from its takeover offer with a stake of almost 48 percent, cementing its position as Hugo Boss’s largest shareholder. While the UK retail group did not secure full control, it significantly increased its influence over the company.
Frasers had recently withdrawn its support for Sturm’s continued chairmanship. The group is now seeking a second seat on Hugo Boss’s supervisory board for Robert Palmer, joining Frasers chief executive Michael Murray, who already serves on the board.
The Sports Direct owner first invested in Hugo Boss in 2020 and gradually increased its holding before launching a €1.98 billion bid for the shares it did not already own. The offer was rejected by Hugo Boss’s management and supervisory board as financially inadequate, but enough shareholders tendered their stock to lift Frasers’ ownership to just under 48 percent.
Sturm’s departure marks the first major governance change since Frasers increased its stake and signals a more direct role for the British retailer in shaping Hugo Boss’s future direction. Chief executive Daniel Grieder remains in place, and no changes have been announced to the company’s operating strategy.
