Group told investors on Tuesday that it wants to control more than half of Hugo Boss
Mike Ashley’s Frasers Group is considering a move to remove the boardroom chair at Hugo Boss, as it set out fresh ambitions to increase its stake in the German fashion giant.
The retail conglomerate, founded by the British billionaire, told investors on Tuesday that it is seeking to acquire more than half of Hugo Boss. It already holds close to 48 per cent of the business, positioning it as the company’s largest shareholder.
Frasers Group’s announcement cast doubt over the future of Stephan Sturm as chairman of Hugo Boss’s supervisory board, hinting it could stage a coup to unseat him.
The group stated: “Frasers is currently reviewing whether it continues to support Mr. Stephan Sturm in his position as the Chairman of the Supervisory Board of Hugo Boss.”
A potential push to oust Sturm would be the latest chapter in Frasers’ well-documented history of boardroom clashes. The group has built a reputation for acquiring stakes in rival firms and leveraging these positions to push aggressively for internal change, as reported by City AM.
Sturm has held the role of chair of Hugo Boss’s supervisory board since May last year, while Frasers chief executive Michael Murray occupies a seat on the board.
Hugo Boss’s supervisory board sits above its managing board, overseeing its operations and appointing its members.
Last month, Frasers raised its stake in the German fashion house to 47.9 per cent – a holding valued at nearly €1.5bn. Frasers had put forward a £1.7bn bid for the entire business, but this was firmly rejected as “inadequate” by Hugo Boss.
The UK retail giant instead turned its attention to shareholders, acquiring approximately 17 per cent of Hugo Boss through its €38-per-share offer.
Frasers has reportedly been lobbying to install Murray, Ashley’s son-in-law, in the role of chief executive at Hugo Boss.
Throughout 2024, Frasers accumulated stakes in luxury bagmaker Mulberry and online fashion retailer Boohoo, yet fell short in its efforts to secure board representation at either company.
Earlier this year, Ashley launched a £166m takeover bid for Australian footwear firm Accent, simultaneously calling for the ousting of its chairman over alleged “poor performance”.
The group’s pursuit of Hugo Boss forms part of Ashley’s broader ambition to drive his retail empire further upmarket, having originally founded Sports Direct.
Last month, Frasers snapped up struggling department store chain Harvey Nichols out of administration for approximately £40m.
The group, which also owns the upmarket fashion brand Flannels, stated that its acquisition of Harvey Nichols would build upon its “elevation strategy, strengthening its luxury positioning”.
Ashley established Frasers Group in 1982, and its portfolio of brands now includes Jack Wills, Evans Cycles, Lonsdale and Slazenger.





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