Updated
The chairman of the supervisory board of the fashion group Hugo Boss has lost the support of his largest shareholder. The company released a statement from Frasers Group in a mandatory announcement on Friday evening. Accordingly, the investor no longer supports the boss supervisory board chairman Stephan Sturm.
Hugo Boss shares rose by around half a percent on Monday by the afternoon, making them one of the few winners in the MDax, the index for medium-sized company stocks. However, over the course of the year so far, the paper has lost around 14 percent in value.
Hugo Boss describes the future of its supervisory chairman as secure: “Stephan Sturm stands by his responsibility as chairman of the supervisory board and has the firm intention of continuing to hold this office,” said the fashion group in a statement also published on Friday.
However, in the obligatory announcement from Friday: Sturm had previously informed the Frasers Group that he did not want to remain as chairman of the supervisory board of Hugo Boss without their support. With the aim of removing Sturm, if necessary, and appointing a new chairman of the supervisory board, Frasers Group intends to influence the composition of Hugo Boss’s supervisory board.
With a direct stake of 25 percent, the investor is by far the largest shareholder in the group. As has been known since the summer, the group, including financial instruments, has more than 30 percent. If he were to convert the financial instruments into “real” shares, a mandatory takeover offer would be due.
There have recently been disagreements between the management of Hugo Boss and the major shareholder regarding the dividend policy. Frasers Group sees Hugo Boss as undervalued on the stock market, according to a mandatory announcement from July. The investor believes that Hugo Boss should not pay dividends at this time. Rather, the funds should be used to increase the value of the company.
New Hugo Boss prospects from China?
Like that "Manager Magazine" wrote on Monday, other actors could also appear. “According to insiders, two unnamed Chinese consumer goods companies are also said to be working with the fashion company from Metzingen,” writes the magazine.
Recently, the management around CEO Daniel Grieder appeared more cautious for the current year. In 2025, sales and earnings before interest and taxes (EBIT) are likely to be at the lower end of the ranges previously reported, the company announced at the beginning of November when it presented the figures for the third quarter. Hugo Boss referred to economic uncertainties and negative exchange rate effects.
Hugo Boss expects revenue of 4.2 billion to 4.4 billion euros and an EBIT of 380 million to 440 million euros for 2025.
The fashion group is holding an investor event on December 3rd at which management plans to provide an update on its strategy.
This post was updated with additional details on December 1, 2025 at 4:37 p.m.