Hugo Boss chairman quits as Mike Ashley targets takeover
Hugo Boss chairman quits as Mike Ashley targets takeover
Eir NolsoeMon, September 14, 2026 at 8:11 AM UTC
0
Stephan Sturm will step down as Hugo Boss chairman once a successor has been found - Daniel Roland
The chairman of Hugo Boss has quit after billionaire tycoon Mike Ashley ramped up efforts to acquire the German fashion giant.
Stephan Sturm, who has been in the role for just over a year, will step down once a successor has been found, Mr Ashley’s Frasers Group said on Monday.
Michael Murray, Mr Ashley’s son-in-law and Frasers’ chief executive, will also join Hugo Boss’s board, alongside one of his key lieutenants, Robert Palmer.
It comes after Frasers launched a £1.7bn voluntary takeover offer for the group, which was rejected by the board.
This led the company to build a stake in the company, resulting in the UK group owning 48pc of Hugo Boss.
Mr Ashley is still planning to increase his stake beyond the 50pc mark to become a majority owner.
Frasers said Mr Sturm had “mutually agreed” to step down as chairman and leave the board.
“Frasers would like to thank Mr Sturm for the contribution he has made to Hugo Boss as chairman of the supervisory board and intends to work with him in the future,” it said.
Advertisement
Frasers began building a stake in the German luxury brand in 2020, crossing the 30pc threshold earlier this year.
Mike Ashley is planning to increase his stake beyond the 50pc mark to become a majority owner - Yui Mok/PA
This automatically triggers a mandatory offer for the remaining business under German market rules.
The pursuit comes as the Sports Direct owner eyes up a move into high-end retail, where a slowdown in the luxury sector has paved the way for deals.
The ousting of the chairman is another sign that Mr Ashley is tightening his grip on the German fashion maker, where Frasers is the largest shareholder by a wide margin.
Frasers previously said the offer was an opportunity to create “a stronger, more resilient and more successful” company.
Hugo Boss was founded in 1924 and became synonymous with corporate suits and premium men’s tailoring in the 1980s.
Frasers also owns shares in Mulberry and Burberry and recently bought Harvey Nichols in a pre-pack administration deal for £40m.
Mr Ashley is the 48th richest person in the UK, according to the Sunday Times Rich List, boasting a net worth of £3.44bn.
The billionaire left school without any qualifications before starting his retail empire with a sports and ski shop in Maidenhead.
Source: “AOL Money”
