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Hugo Boss supervisory board chairman Stephan Sturm to step down amid Frasers push
Sturm will remain chairman until his successor is elected as Frasers seeks majority control of the fashion group
MUMBAI: Hugo Boss supervisory board chairman Stephan Sturm will step down from the board effective 15 October 2026, as its largest shareholder Frasers Group increases pressure to gain greater control of the German fashion company.
Sturm will continue as chairman until a successor is elected or until his departure from the supervisory board, whichever comes first. The company said the decision follows constructive discussions against the backdrop of recent changes in its shareholder structure.
The supervisory board will immediately begin the process of finding Sturm’s successor and determining future chairmanship. The move is expected to give Frasers greater scope to influence Hugo Boss’ governance as it seeks to increase its stake beyond 50 per cent.
Frasers currently holds 47.89 per cent of Hugo Boss after raising its direct shareholding through a voluntary takeover offer. The British retailer, controlled by billionaire Mike Ashley, has said it intends to acquire a majority stake in the fashion group.
Frasers had also been reviewing its support for Sturm as chairman. The two sides have now agreed on an orderly transition in supervisory board leadership. Frasers has proposed adding Robert Palmer, its former company secretary, to the Hugo Boss supervisory board as its second representative alongside Frasers CEO Michael Murray.
The boardroom change follows months of increasing pressure from Frasers, which has been expanding its presence in premium and luxury retail. Its portfolio includes Sports Direct, House of Fraser and Flannels, while it also holds stakes in Asos and Currys. Last month, it acquired luxury department store Harvey Nichols.
The changing shareholder structure has also influenced Hugo Boss’ capital allocation. Earlier this month, the company terminated its share buyback programme shortly after Frasers announced plans to push its stake above 50 per cent and said it was reviewing its support for Sturm.
Sturm was elected to the Hugo Boss supervisory board at the company’s annual general meeting on 15 May 2025 and subsequently became chairman. His departure now sets the stage for a change in the company’s board leadership as Frasers seeks a greater say in its future direction.
