Frasers Group, led by Mike Ashley, has announced the departure of Stephan Sturm, chairman of Hugo Boss’s supervisory board. The UK retail group, which owns brands including Sports Direct, Jack Wills, and Flannels, informed investors on Monday that Mr Sturm has agreed to step aside.
Frasers Group stated that it has mutually agreed with Hugo Boss that this is an “appropriate point in time for an orderly transition” of power. Mr Sturm will step down from his position as soon as permitted by Hugo Boss’s constitution.
Frasers Group currently holds nearly 48 per cent of Hugo Boss and has expressed its intention to push this holding above 50 per cent. The company will nominate Robert Palmer to Hugo Boss’s supervisory board, where Frasers chief executive Michael Murray already holds a seat.
This move is part of Mike Ashley’s strategy to expand into high-end fashion. Frasers Group recently acquired the department store chain Harvey Nichols.