The Chairman of the Hugo Boss Supervisory Board Will Step Down Following the Collapse of the Deal to Sell the Brand

Stefan Sturm, chairman of the Hugo Boss supervisory board, will step down from his position no later than October 2026, the company announced. Earlier, Hugo Boss’s largest shareholder—the British retailer Frasers, controlled by billionaire Mike Ashley— — had attempted to acquire the German fashion house in its entirety, but Hugo Boss’s management board and supervisory board unanimously recommended that shareholders reject the offer.

Stefan Sturm will step down as chairman of the Hugo Boss supervisory board and resign from the board, German premium clothing manufacturer Hugo Boss announced on September 14. The decision to step down is linked to recent “changes in the company’s shareholder structure,” according to a statement by Sturm in the company’s press release.

"Frasers and Mr. Sturm have mutually agreed that Mr. Sturm will step down as chairman and member of the supervisory board as soon as possible," Reuters quotes the British retailer Frasers as saying.

Stefan Sturm was elected to the supervisory board on May 15, 2025, and was subsequently elected chairman of the supervisory board. He will step down from his position no later than October 15, 2026.

In June, Frasers Group offered to buy out Hugo Boss shareholders’ shares at €38 per share, valuing the German fashion house at approximately €2 billion ($2.31 billion); however, the deal fell through. Hugo Boss’s management board and supervisory board unanimously recommended that shareholders reject the offer, explaining that it undervalued the company and did not take into account its prospects as an independent business, The Wall Street Journal reported.

In early September, Frasers announced that it intended to increase its stake in Hugo Boss to more than 50% and added that it was considering whether to continue to “support” Sturm as chairman of the Hugo Boss supervisory board.

In recent months, disagreements have arisen between the parties over management issues. In particular, Frasers opposed paying dividends to Hugo Boss shareholders, arguing that the funds should be directed toward business development, according to Bloomberg.

In addition, Frasers sought to expand its representation on the Hugo Boss supervisory board. The company proposed appointing its former corporate secretary, Robert Palmer, to the board, who would become the group’s second representative alongside Frasers CEO Michael Murray, Reuters reports.

Hugo Boss is going through a difficult period: in the second quarter of 2026, its revenue fell by 10% to €905 million. The company has kept its forecast for 2026 unchanged: it expects sales to decline by a mid-to-high single-digit percentage and operating profit to range between €300 million and €350 million. In 2025, this figure stood at €391 million.

In trading on September 14, Hugo Boss shares are down by 0.15%. According to Market Screener, nine analysts recommend holding the stock, while three recommend buying it. The average price target is €40.6, about 6% above the current price.