Hugo Boss chairman Stephan Sturm to resign amid Frasers Group takeover pressure

Stephan Sturm, chairman of the supervisory board at Hugo Boss, has announced his resignation, effective October 15. The decision follows a period of tension with Frasers Group, which has significantly increased its stake in the German fashion company to 47.89 percent.

While Frasers Group's attempt to acquire full control of Hugo Boss fell just short of the 50 percent threshold, the retail group has expressed intentions to increase its holding further. The company noted that the resignation follows “constructive discussions against the backdrop of the recent changes in the shareholder structure.”

In addition to Sturm's departure, Frasers Group intends to secure a second seat on the supervisory board, proposing Robert Palmer to join existing board member Michael Murray. Sturm will remain in his position until a successor is elected to ensure an orderly transition.