Hugo Boss chairman to resign as Frasers Group expands board influence

Hugo Boss confirmed that Stephan Sturm will vacate his supervisory board seat, with his departure set for October 15 or when a successor is appointed. The move follows negotiations with Frasers Group, the firm’s largest shareholder, which now controls nearly 48% of the German label after steadily raising its stake since 2020. Frasers also announced the appointment of Robert Palmer as an additional board member, joining chief executive Michael Murray, who already serves on the board.

Earlier, Frasers attempted a €1.98 billion takeover of the remaining shares, offering about €38 per share, but the offer was deemed financially inadequate and was rejected by the majority of shareholders. Hugo Boss said its supervisory and managing boards remain experienced and the company is well positioned for future growth, and it has launched a search for a new chairman.