Confusion surrounds Hugo Boss’s supervisory board chairman as Frasers Group withdraws support

The chairman of Hugo Boss’s supervisory board has lost the backing of the company’s largest shareholder.

On Friday evening, the company issued a regulatory announcement containing a statement from Frasers Group. According to the statement, the investor no longer backs Stephan Sturm, chairman of the Hugo Boss supervisory board. Sturm had previously informed Frasers Group that he would not remain chairman of the Hugo Boss supervisory board without its support.

With the aim, if necessary, of removing Sturm and appointing a new chairman of the supervisory board, Frasers Group intends to influence the composition of Hugo Boss’s supervisory board. The investor is by far the company’s largest shareholder, with a 25 per cent stake.

However, in a separate statement published by the fashion group on Friday, the future of its supervisory board chairman was described as secure.

“Stephan Sturm stands by his responsibility as chairman of the supervisory board and firmly intends to continue in this role,” it said.