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Hugo Boss Chairman to Step Down Amid Frasers Group's Takeover Plans

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Hugo Boss Chairman to Step Down Amid Frasers Group's Takeover Plans

Stephan Sturm is stepping down as chairman of Hugo Boss (BOSS.F), effective Oct. 15, amid changes to the company's shareholder structure, as Frasers Group (FRAS.L) seeks to acquire a controlling stake in the German fashion house.

Hugo Boss said Monday that Sturm's decision follows "constructive" talks against the backdrop of the changes. Sturm will remain in his role until the election of a successor, while the company's supervisory board is set to immediately begin a search process for a new chairman.

The move comes after British sports and luxury retailer Frasers recently secured a 47.89% stake in Hugo Boss and disclosed its intention to further boost its shareholding to more than 50%, saying earlier in September that it was also reviewing whether to continue to support Sturm as chairman.

"Following the recent changes in the Company's shareholder structure, I believe that this is the right time for an orderly transition in the chairmanship," said Sturm, who was elected to the supervisory board in May 2025 and subsequently elected chairman. "HUGO BOSS has an experienced Supervisory Board, a highly committed Managing Board and a clear strategic direction. I am convinced that the Company is well positioned for future success."

In a separate same-day release, Frasers said it reached a mutual agreement with Sturm to step down from the role following talks over the composition of Hugo Boss' supervisory board, with both parties sharing the view that it is an "appropriate point in time" for a chairmanship transition as Hugo Boss heads into a "new chapter" in its history.

Frasers is also seeking to increase its representation on the German group's supervisory board, saying it will pursue the appointment of Robert Palmer as an additional board member to serve alongside Frasers' Chief Executive Officer Michael Murray.

In June, Frasers initially announced its plans to launch a voluntary public takeover offer for Hugo Boss at 38 euros per share.

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US Markets

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HKG:9618
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US Markets

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