Hugo Boss, a well-known German luxury fashion brand, has announced that its chairman, Stephan Sturm, will step down from the supervisory board. Sturm will remain in his role until a successor is appointed, with his final day on the board set for October 15. The decision follows discussions with Frasers Group, the brand's largest shareholder. Hugo Boss stated that it has already begun the process of finding a new chairman. Sturm said the move is part of a planned transition, emphasizing that the company has a strong leadership team and a clear strategy for future growth. Frasers Group, owned by British businessman Mike Ashley, has significantly increased its stake in Hugo Boss over the past year. As of last month, Frasers owned nearly 48% of the company, up from around 36% in July 2024. The company first invested in Hugo Boss in 2020. Earlier this year, Frasers made a failed attempt to take over the company by offering to buy shares at about 38 euros each, totaling around 1.98 billion euros. However, Hugo Boss’s management and board rejected the offer, calling it financially insufficient. Only 17.6% of shareholders accepted the offer, meaning most chose not to take it. Following the failed takeover bid, Frasers has continued to strengthen its influence on Hugo Boss. The company announced it will appoint Robert Palmer as a second representative to the Hugo Boss supervisory board. Michael Murray, Frasers’ chief executive, is already a board member. This move comes after Frasers recently acquired Harvey Nichols, a historic department store chain in the UK, expanding its presence in the luxury retail sector. The changes at Hugo Boss reflect the growing influence of Frasers Group, which now holds a majority stake in the company. With two representatives on the board, Frasers is likely to have a greater say in the company’s strategic direction. Meanwhile, Hugo Boss continues to emphasize its strong leadership and long-term vision, suggesting that the transition in chairmanship will not disrupt its operations or future goals.