The chairman of German fashion group Hugo Boss, Stephan Sturm, has agreed to step down following discussions with Frasers Group, the retail company controlled by entrepreneur Mike Ashley. Sturm, who assumed the chairmanship in May 2025, will remain in his role until a successor is appointed or until October 15, the company confirmed.

Frasers Group has recently increased its stake in Hugo Boss to nearly 50 percent, intensifying its efforts to gain full control of the fashion brand. Frasers, known for its ownership of various retail outlets, including Flannels and Frasers stores, has been gradually building its position in Hugo Boss over the past few years. In June, Frasers launched a £1.7 billion takeover bid for the remaining 74 percent of the company it does not own. Hugo Boss’s management and board urged shareholders to reject the offer, describing the proposed cash price of €38 per share as financially inadequate. By August, approximately 17.6 percent of shareholders had accepted Frasers’ offer, bringing its stake close to 48 percent.

The departure of Sturm follows ongoing pressure within Hugo Boss’s leadership, particularly regarding Frasers’ attempts to increase its influence over the company’s governance. Frasers’s chief executive, Michael Murray—who is also Mike Ashley’s son-in-law—was appointed to the Hugo Boss supervisory board in May 2025 and is expected to pursue the appointment of Robert Palmer, a former company secretary at Frasers, as a second representative for the retail group on the board.

Frasers characterized the leadership change as an “orderly transition” appropriate to the company’s evolving shareholder structure. Sturm himself acknowledged the shift, stating that the recent changes made it a suitable time to step down. Despite rumors of internal contestation, both Hugo Boss and Frasers have framed the transition as part of a planned strategic realignment that reflects Frasers’s growing involvement.

Market reactions were mixed following the announcement. Shares of Hugo Boss experienced a slight decline, while Frasers stock saw an increase, reflecting investor confidence in the retail group’s strengthening control over the fashion label.

As Frasers nears full ownership, the broader implications for Hugo Boss’s operations, strategy, and brand identity remain under close watch by industry analysts and shareholders alike. The appointment of new leadership on the supervisory board will be a key factor in determining the future direction of the company.