Hugo Boss chair steps down under pressure from Frasers Group

By the Editorial Team · Tuesday, September 15, 2026

Stephan Sturm will step down as chair of Hugo Boss’s supervisory board on October 15 following pressure from its largest shareholder, Frasers Group, which has nearly doubled its stake in the company. Frasers plans to appoint its own nominee to the board as it seeks to strengthen its control and expand its influence in the luxury fashion sector.

Stephan Sturm, chair of the supervisory board at German fashion company Hugo Boss, announced he will step down from his position, effective October 15, amid pressure from Frasers Group, the British retail conglomerate and largest shareholder in the company. Sturm, who has held the role since May 2025, will remain in the chairmanship until a successor is appointed, with Hugo Boss initiating an immediate search for new leadership.

The decision follows significant changes in Hugo Boss’s shareholder structure, prompted largely by Frasers Group’s growing stake in the fashion house. Frasers, owned by businessman Mike Ashley, increased its shareholding to approximately 48 percent following a takeover bid launched in June and has expressed intentions to raise its stake beyond the majority threshold of 50 percent. Hugo Boss supplies products to Frasers’ retail outlets, which include House of Fraser and the luxury clothing chain Flannels.

Tensions between Sturm and Frasers surfaced last year, particularly over disagreements related to dividend payments. These disputes contributed to Frasers publicly questioning in early September whether it would continue to back Sturm’s chairmanship. Shortly thereafter, Hugo Boss halted its share buyback program. According to Frasers, Sturm’s departure was reached by mutual agreement after discussions regarding the composition of the supervisory board.

In addition to the leadership change, Frasers announced plans to nominate Robert Palmer, a former company secretary at Frasers and an accountant by training, to join Hugo Boss’s supervisory board. Palmer would join the board alongside Michael Murray, Frasers’ chief executive and Mike Ashley’s son-in-law.

Frasers has steadily expanded its presence in the fashion sector in recent years, often acquiring sizeable stakes in suppliers and competitors to secure supply chains or influence business operations, including integrating its buy-now, pay-later financial offering. Alongside Hugo Boss, the group also acquired a 6 percent stake in Puma earlier this year. The company’s strategic moves reflect a broader effort to strengthen its position in the luxury market, highlighted by its acquisition of upscale department store Harvey Nichols in August. Collectively, Frasers now manages a portfolio exceeding 90 luxury fashion retail outlets.

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