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(Sharecast News) - Hugo Boss said on Wednesday that it has appointed Michael Murray - Mike Ashley's son-in-law - as its new chairman.
Murray succeeds Stephan Sturm, whose resignation was announced on Monday. Murray, who is married to Frasers Group founder Ashley's eldest daughter, was already a member of the Hugo Boss board.
Murray said: "Hugo Boss is exceptionally well positioned, with two strong brands, a unique global footprint and significant untapped potential.
"Together with my colleagues on the Supervisory Board and the Managing Board, I look forward to building on the company's strong foundation and supporting the execution of its strategic priorities. By ensuring continuity and maintaining a clear long-term perspective, we will focus on unlocking the full potential of Hugo Boss and creating sustainable value for all shareholders and stakeholders."
Frasers lifted its stake in Hugo Boss to nearly 48% last month and plans to boost this further as it looks to take majority control of the German fashion brand after a failed takeover attempt in June. Frasers bought its first stake in the German company in 2020.
Hugo Boss also said on Wednesday that Robert Palmer is expected to join the Supervisory Board, subject to appointment by the local court. Palmer is a Chartered Accountant with more than four decades of experience in auditing and corporate advisory services. Since 2022, he has served as director of Frasers Group Financial Services Limited.
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