Business

Hugo Boss: Frasers seeks to take control without waiting to become the majority shareholder

By Eva Morletto17 septembre 2026

With 47.89% of Hugo Boss’s share capital and voting rights, Frasers Group has not yet crossed the 50% threshold. But the appointment of Michael Murray as chairman of the supervisory board, along with the expected arrival of a second representative of the British group, shows that it is already exerting direct influence over the governance of the German company.

Frasers Group is already establishing itself at the heart of Hugo Boss’s governance (Shutterstock)

Did Frasers Group need to cross the 50% threshold to take control of Hugo Boss? Recent moves within the company’s shareholder structure now provide a clearer answer to the question. Michael Murray, CEO of Frasers Group and son-in-law of its founder Mike Ashley, has been appointed chairman of Hugo Boss’s supervisory board. Robert Palmer, Frasers’ former company secretary, is also expected to join the supervisory body.

The British group, which owns Sports Direct and Flannels among other businesses, now holds 47.89% of Hugo Boss’s share capital and voting rights. Frasers has already indicated that it intends to increase its stake beyond 50%. Yet, without having reached an outright majority, it is already establishing itself at the heart of the German group’s governance.

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The reshaping of the board following Stephan Sturm’s departure

The change comes after the departure of Stephan Sturm, who had been chairman of the supervisory board. Frasers announced on September 14 that it had entered into discussions with him regarding the composition of the board. Two days later, Hugo Boss formally announced Michael Murray’s election as chairman. With the expected arrival of Robert Palmer, Frasers would thus have a second representative on the board.

The development casts a new light on the campaign launched in the spring. In June, Frasers offered €38 per share to acquire the shares it did not yet own, valuing Hugo Boss at close to €2.6 billion. The German group’s supervisory board recommended that shareholders reject the offer, arguing that the price was insufficient and did not reflect the company’s value.

Significant influence even before reaching 50%

The transaction nevertheless enabled Frasers to increase its stake to nearly 48%. The stakes involved now go beyond share ownership. Under Germany’s corporate governance system, the supervisory board does not run day-to-day operations, but it can appoint, oversee and advise members of the executive board, while also having a role in the company’s strategic direction. Securing the chairmanship therefore provides a significant lever of influence.

The question raised during the takeover bid was whether Frasers could exert meaningful influence over Hugo Boss before becoming a majority shareholder. The current reshaping of the board suggests that a stake close to 50%, combined with the ability to negotiate key appointments, is already enough to alter the balance of power.

Key points:

- Frasers Group’s stake in Hugo Boss stands at 47.89%.

- Michael Murray has been appointed chairman of Hugo Boss’s supervisory board.

- Frasers has not yet crossed the 50% threshold, but it already has greater influence over the German group’s governance.

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By Eva Morletto

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