14th Sep 2026 10:28
(Alliance News) - Michael Murray, the chief executive officer of Frasers Group PLC, will be joined on the supervisory board of Hugo Boss AG by a second Frasers representative, as the chair of the Frasers takeover target stepped down.
Hugo Boss said Stephan Sturm will leave the board of the Metzingen, Germany-based fashion label on October 15, having been in post only since May last year.
"The decision follows constructive discussions against the backdrop of the recent changes in Hugo Boss's shareholder structure," the company said.
Frasers last month fell just short of achieving a majority stake in Hugo Boss, increasing its shareholding to 48% following a tender offer to Hugo Boss shareholders.
The Shirebrook, England-based owner of House of Fraser, Sports Direct and Flannels retail chains, however, later said it still aims to take control of Hugo Boss by owning more than 50% of its shares.
Frasers on Monday said it entered discussions with Sturm earlier this month about increasing Frasers's representation on the Hugo Boss board.
As a result, Frasers and Sturm "mutually agreed" that Sturm will step down and that Murray will be joined on the Hugo Boss board by a second Frasers representative. Frasers said it will seek to appoint Robert Palmer, its company secretary, as that board member.
"Both parties share the view that, as Hugo Boss enters a new chapter in its corporate history, this is an appropriate point in time for an orderly transition" of the board, Frasers said on Monday.
Hugo Boss shares were down 0.3% to EUR38.13 in Frankfurt on Monday morning. The Frasers tender offer price was EUR38.00.
Frasers shares were down 0.1% at 792.00 pence in London.
By Tom Waite, Alliance News editor
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