Frasers Group is advancing efforts to install Michael Murray as chief executive of Hugo Boss amid its move to increase control over the German fashion company. The retail group, controlled by Mike Ashley, has gradually built a significant stake in Hugo Boss, which is sold through its Flannels and Frasers retail outlets.

Last week, Frasers raised its shareholding in Hugo Boss to over 30 percent, surpassing the threshold under German regulations that mandates a takeover offer. Sources have indicated that Frasers is preparing to push for Murray’s appointment as chief executive, a strategy consistent with the group’s previous boardroom interventions.

Michael Murray, who serves as Frasers’ chief executive and is Ashley’s son-in-law, has been steering the group toward the luxury retail sector. The approach mirrors Frasers’ late 2024 efforts to position Ashley as chief executive of Boohoo, where it accumulated a majority stake before seeking boardroom changes.

In a recent move, Frasers launched a £1.7 billion takeover bid for Hugo Boss, offering €38.00 per share in cash for the remaining 74 percent it does not own. The group stated that increasing its stake would “create value for Frasers’ shareholders.” However, Hugo Boss has urged shareholders to reject the offer, describing it as undervaluing the brand. The company criticized the bid as “inadequate from a financial point of view,” emphasizing its global reach and ongoing turnaround efforts.

Founded in 1924, Hugo Boss recorded global sales exceeding €4.2 billion. The company is navigating challenges including brand identity issues, a decline in demand for formalwear worldwide, and broader weaknesses in the apparel market. After originally producing general-purpose clothing, Hugo Boss focused on men’s suits post-World War II and went public in 1988. Since 2021, the company has been led by CEO Daniel Grieder, formerly of Tommy Hilfiger.

Murray joined the Hugo Boss supervisory board in May 2025, signaling Frasers’ intent to play a more active role in the company’s management. Should the takeover succeed, it would represent Frasers’ largest acquisition to date. The retail group’s portfolio includes brands such as House of Fraser, Evans Cycles, and Jack Wills.

Last year, Frasers stated it would oppose any future dividend payments from Hugo Boss, arguing that the company should focus on boosting its market valuation rather than distributing cash to shareholders. Hugo Boss is listed on the Xetra stock exchange in Frankfurt.

Frasers declined to comment on the current developments.