Frasers strengthens hold on Hugo Boss as Michael Murray made chair

The chief executive officer of Frasers Group PLC has been named as the new chair of Hugo Boss AG, signalling a step up in efforts to secure majority ownership of the Metzingen, Germany-based luxury fashion brand.

Frasers CEO Michael Murray was appointed by the supervisory board of Hugo Boss, it said on Wednesday.

Murray, who is also the son-in-law of Sports Direct founder and Frasers majority owner Mike Ashley, was already a member of the board.

He replaces Stephan Sturm who announced he was quitting two days ago, saying that it was "the right time for an orderly transition in chairmanship" following changes to the company's shareholder structure.

The appointment comes as Shirebrook, England-based Frasers has been tightening its grip over Hugo Boss.

Its ownership stake was increased to almost 48% last month, and Frasers highlighted ambitions to increase this further to take majority control.

The retailer has steadily grown its stake in Hugo Boss since first investing in 2020, building up to a roughly 36% shareholding in July.

Frasers then launched a failed takeover attempt for the luxury business, offering to buy all shares in Hugo Boss it did not already own.

The offer, worth EUR1.98 billion, was described as "inadequate from a financial point of view" by Hugo Boss's management and supervisory board who recommended that shareholders do not accept it.

Murray said he was looking forward to "building on the company's strong foundation and supporting the execution of its strategic priorities".

"By ensuring continuity and maintaining a clear long-term perspective, we will focus on unlocking the full potential of Hugo Boss and creating sustainable value for all shareholders and stakeholders," he said.

Frasers has been taking steps to strengthen its presence in the luxury market, having recently snapped up historic department store chain Harvey Nichols.

Hugo Boss is known for its fragrances and upmarket menswear including ranges by David Beckham.

It generated EUR1.8 billion worth of sales in the first half of 2026, which was 8% lower than the same period last year.

Frasers shares fell 4.2% to 750.50 pence each on Wednesday morning in London, while Hugo Boss shares were up 0.1% at EUR38.09 in Frankfurt.

By Anna Wise, Press Association Business Reporter

Press Association: Finance

source: PA

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