Hugo Boss's operating chief to step down

(Sharecast News) - The chief operating officer of Hugo Boss has quit the luxury brand, it was announced on Monday.

The German business said Yves Muller, who is also chief financial officer, was leaving for personal reasons and had stepped down "at his own request" after nearly a decade with the company.

He will be replaced by Ivica Maric, the current executive vice president of business operations, from 1 October.

Daniel Grieder, chief executive, said Muller had made "an important contribution to the financial and operational strength" of Hugo Boss: "On behalf of the managing board, I would like to sincerely thank Yves. At the same time, I look forward to continuing out good collaboration with Ivica Maric."

Muller's departure is the latest in a string of management changes at Hugo Boss. Earlier this month Frasers Group chief executive Michael Murray - the son-in-law of Frasers' billionaire majority owner, Mike Ashley - was appointed chair of the supervisory board, after Stephan Sturm resigned. Frasers' former company secretary, Robert Palmer, is also poised to join the supervisory board, subject to court approval.

Frasers upped its stake to 48% in August, two months after its near �2bn takeover approach for the luxury brand was rebuffed by the board for being "inadequate". However, nearly 18% of shareholders accepted Ashley's offer of �38 per share.

The London-listed retailer first acquired a stake in Hugo Boss in June 2020. It has long pushed for change at the group, which has been hit by sluggish sales of womenswear and slowing demand in China, a core market for the luxury sector.

Frasers, which owns JD Sports, Flannels and Evans Cycles, among others, has stated that it intends to increase its holding to above 50%.

As at 1330 BST, shares in Hugo Boss were largely flat. Frasers was up 1% at 816p.