Mike Ashley tightens grip on Hugo Boss as son-in-law made chair

Mike Ashley has solidified his control over Hugo Boss after appointing his son-in-law, Michael Murray, as chairman of the German fashion house. Frasers Group, which Ashley founded as Sports Direct, has been in a power struggle with Hugo Boss for months. This led to the dismissal of the supervisory board chairman, Stefan Sturm, earlier this week.

Frasers announced that Michael Murray will succeed Sturm as chair of the supervisory board, which oversees the managing board and appoints its members. Murray expressed his enthusiasm for steering the company forward, stating, "Together with my colleagues on the supervisory board and the managing board, I look forward to building on the company’s strong foundation and supporting the execution of its strategic priorities."

Frasers increased its stake in Hugo Boss to nearly 48 percent after offering €38 per share to existing investors, following the board's rejection of their "inadequate" direct takeover offer. The company aims to increase its holding in Hugo Boss above the 50 percent mark.

Hugo Boss's current CEO, Daniel Greder, is confident in Murray's ability to unlock the brand's potential and drive sustainable value for all shareholders and stakeholders. Greder and the managing board are eager to continue pursuing their strategic and financial ambitions in collaboration with Michael Murray and the supervisory board.