Hugo Boss has appointed Frasers Group CEO Michael Murray as Chairman of its Supervisory Board, giving Frasers greater influence as it pursues majority ownership of the German fashion company.
Murray succeeds Stephan Sturm, who “decided to step down” from the group’s supervisory board following discussions with largest shareholder Frasers two days ago, on 14 September.
Hugo Boss said the appointment of Murray follows the most recent changes in its shareholder structure, which saw Frasers increase its holding in the company to 47.89% .
The Sports Direct owner reaffirmed its intention to increase that position above 50% on 1 September, although it has said there is no certainty it will reach the threshold.
Murray commented on his appointment: “Hugo Boss is exceptionally well positioned, with two strong brands, a unique global footprint and significant untapped potential.”
“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.”
Frasers gains greater board influence
Murray joined the Hugo Boss Supervisory Board in May 2025 for a five-year term. As Chairman, Murray will lead the Supervisory Board, which oversees the company’s Managing Board.
Robert Palmer, Director of Frasers Group Financial Services Limited since 2022, is also expected to join the Supervisory Board as a second Frasers representative, provided the local court appoints him.
In a statement, Hugo Boss noted that Palmer is a Chartered Accountant with more than 40 years of auditing and corporate advisory experience.
Palmer’s expected appointment will give Frasers two representatives on the Supervisory Board while the retailer continues to pursue additional Hugo Boss shares.
Daniel Grieder, Chief Executive of Hugo Boss, said Murray had consistently supported the direction of its Claim 5 Touchdown strategy and that he “together with Frasers Group, shares our view regarding the significant untapped potential of Hugo Boss”.
“As the Managing Board, we look forward to further pursuing our course with discipline, focus, and clear commitment. We will work closely with Michael Murray and the Supervisory Board to realize our strategic and financial ambitions and create sustainable value,” he added.
Sinan Piskin, Deputy Chairman of the Supervisory Board of Hugo Boss, also reinforced the notion that Murray’s election ensured continuity in the brand’s “strategic course”, adding that the appointment signalled “clarity in the leadership of the Supervisory Board at an important stage for the company.”
Murray had been linked with the CEO role
Murray’s appointment follows reports in July that Frasers was considering him as a future Hugo Boss CEO if its takeover succeeded. That move would put Frasers in direct control of Hugo Boss’s operations and replace Grieder, whom the group had previously supported.
Frasers launched a €38-per-share takeover offer in June, valuing the Hugo Boss shares it did not own at about €1.98 billion.
Hugo Boss’s Managing Board and Supervisory Board recommended that shareholders reject the bid, arguing that the price did not reflect the company’s standalone value or long-term potential.
In July, Frasers lifted its holding in the brand to 37.58%, increasing this once again in August to 47.89%, following more shareholder acceptances of Frasers’ offer. While this saw Frasers inching closer to majority ownership, it did not secure it.
After Frasers doubled down again on its ambitions to seek majority ownership on 1 September, Hugo Boss terminated its €200 million share repurchase scheme. Cancelling the programme meant Frasers’ percentage holding in Hugo Boss could no longer rise passively through a reduction in the number of shares.
Frasers Group’s continued pursuit of Hugo Boss majority ownership follows its acquisition of department store chain Harvey Nichols on 13 August.
TheIndustry.fashion took a closer look at how the acquisition fits in with Frasers Group’s luxury ambitions.