Hugo Boss supervisory board chairman Stephan Sturm resigns from his mandate

In the struggle for a takeover of the fashion group Hugo Boss by the British Frasers Group, Boss's supervisory board chairman is resigning from his position.

Stephan Sturm has decided to resign from his position as a member of the Supervisory Board with effect from October 15, the company announced on Monday in Metzingen. The decision follows “constructive discussions against the background of the recent changes in the shareholder structure”. Now the search for a successor begins.

The Frasers Group had tried to take over the reins of Hugo Boss in recent months. The takeover initially narrowly failed, but the British recently held almost 48 percent of the fashion house and announced that they wanted to further expand their share. The relationship between major shareholders and company management has been tense for a long time: Frasers withdrew confidence from supervisory board chairman Sturm in December. Among other things, there was a dispute over the dividend payment.

Frasers Group is majority owned by British billionaire Mike Ashley. The company's most important and best-known brand is the Sports Direct retail chain. The company also holds numerous investments - for example in the online shop Asos.

Stephan Sturm will continue to serve as chairman of the supervisory board until a successor is elected, but at the latest until he leaves the supervisory board, said Boss.