Mike Ashley’s Frasers weighs move to oust Hugo Boss chief
Mike Ashley’s Frasers Group is weighing up a move to oust a boardroom chair at Hugo Boss as it laid out fresh plans to grow its stake in the German fashion house. The retail group, which was founded by the British billionaire, told investors on Tuesday that it wants to control more than half of [...]
Frasers Group, founded by British billionaire Mike Ashley, is considering removing Hugo Boss's current board chairman, Stephan Sturm, as it aims to increase its stake in the German fashion house. The retail company revealed on Tuesday that it wants to control more than half of Hugo Boss, currently holding around 48% of the group.
Frasers has been increasing its stake in Hugo Boss, recently raising its holding to 47.9% worth nearly €1.5bn, following a £1.7bn offer that was rejected by the company. The potential move against Sturm would be part of Frasers' history of aggressive boardroom maneuvers, with the group already having taken stakes in other rival companies.
Michael Murray, chief executive of Frasers, is currently a member of Hugo Boss's supervisory board and is reportedly being considered for the role of chief executive. In 2024, Frasers also increased its stake in luxury brands Mulberry and Boohoo but was unsuccessful in gaining board seats for both. The company's pursuit of Hugo Boss is part of Ashley's strategy to upscale his retail empire, including recent acquisitions like Harvey Nichols.
Written by urgent.news from City AM's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
