Hugo Boss chairman Stephan Sturm is to leave the German fashion group’s supervisory board next month as Frasers Group continues its push to increase its influence over the business.<\/p>\n
Sturm will step down on 15 October, having joined the supervisory board in 2025. Hugo Boss said his departure follows \u201cconstructive discussions against the backdrop of the recent changes\u201d in its shareholder structure.<\/p>\n
The move comes as Shirebrook-based Frasers, which owns Sports Direct, Flannels and House of Fraser, continues to pursue a majority stake in Hugo Boss.<\/p>\n
The UK retail group fell short of securing more than half of the German fashion company’s shares through its latest takeover efforts, but has said it remains committed to increasing its holding beyond 50%.<\/p>\n
Frasers chief executive Michael Murray already sits on the Hugo Boss supervisory board, having joined last year. The group said it now plans to seek the appointment of Robert Palmer as an additional member.<\/p>\n
The development could further alter the balance of power at the German fashion business as Frasers seeks a greater say in its future direction.<\/p>\n
Frasers is controlled by billionaire Mike Ashley, who has built the group through a series of acquisitions across the retail sector.<\/p>\n
Sturm’s departure could also raise questions among investors over the independence of Hugo Boss’s board. Ingo Speich, head of sustainability and corporate governance at Deka Investment, said earlier this month that an independent chairman is \u201cindispensable for maintaining credibility in the capital markets and safeguarding the rights of all shareholders.\u201d<\/p>\n
The changes come as Hugo Boss continues efforts to reshape the business under chief executive Daniel Grieder, who took charge in 2021 and is now pursuing his second turnaround plan.<\/p>\n
Frasers has reportedly been seeking a change at the top of Hugo Boss, with The Times reporting that Murray could replace Grieder as chief executive. The report cited unnamed sources.<\/p>\n
Despite the growing pressure from its largest shareholder, Hugo Boss has continued to describe its relationship with Frasers as \u201cconstructive\u201d.<\/p>\n
The German fashion group did, however, bring its share buyback programme to an early end after Frasers announced its intention to seek a majority stake.<\/p>\n
Ending the programme removed one potential route for Frasers to increase its holding without purchasing additional shares directly.<\/p>\n
Shares in both businesses were little changed in early trading on Monday, with the latest developments adding another layer to an increasingly closely watched battle over the future direction of Hugo Boss.<\/p>\n","protected":false},"excerpt":{"rendered":"
It has been revealed that Stephan Sturm will leave the fashion group’s supervisory board next month<\/p>\n","protected":false},"author":266702,"featured_media":2114805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[47995],"coauthors":[127717],"class_list":["post-2114804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-retail","tag-derbyshire","tag-top-story"],"yoast_head":"\n