Frasers Group, founded by British billionaire Mike Ashley, is weighing up a move to oust a boardroom chair at Hugo Boss. The retail group informed investors on Tuesday that it intends to control more than half of the German fashion house, where it already holds nearly 48 per cent, making it the largest shareholder.
The group stated it is "currently reviewing whether it continues to support Mr. Stephan Sturm in his position as the Chairman of the Supervisory Board of Hugo Boss." Stephan Sturm has held this position since May of last year. Michael Murray, chief executive of Frasers, holds a seat on the supervisory board.
Frasers Group increased its stake in Hugo Boss to 47.9 per cent last month, a holding worth nearly €1.5bn. This pursuit aligns with Mike Ashley's strategy to elevate his retail empire into luxury fashion, following the acquisition of Harvey Nichols out of administration for approximately £40m last month.