LONDON – Stephan Sturm, chairman of the supervisory board at Hugo Boss, has stepped down, having failed to fend off Mike Ashley and prevent Frasers Group from raising its stake to nearly 50 percent in a heated summer takeover battle.

Hugo Boss said in a statement on Monday that Sturm would remain as chairman until a successor is elected in the next weeks, ensuring continuity and an orderly handover. Sturm will step down step down as a member of the supervisory board on Oct. 15.

The German company said the decision followed “constructive discussions against the backdrop of the recent changes in Hugo Boss’ shareholder structure,” a reference to Frasers’ almost-successful attempt to take over the company.

Although the offer failed, Frasers managed to boost its holding to 33,054,959 shares, or 47.89 percent of the company.

The acquisitive retail group, which agreed to purchase Harvey Nichols out of administration in August, said earlier this month that it plans to increase its stake in Hugo Boss, and wants full control of the company.

At the time, Frasers also made clear that it wanted to get rid of Sturm, who had cautioned Boss shareholders against selling their shares to Frasers.

Sturm, who joined the supervisory board in May 2025 and took the helm soon after, said acting as chairman “has been a privilege. I have always understood my role as serving the best interests of the company and all its shareholders.”

He added that “following the recent changes in the company’s shareholder structure, I believe that this is the right time for an orderly transition in the chairmanship. Hugo Boss has an experienced supervisory board, a highly committed managing board and a clear strategic direction. I am convinced that the company is well positioned for future success.”

Sinan Piskin, deputy chairman of the supervisory board of Hugo Boss, thanked Sturm for his leadership, commitment and dedication to the company. “We respect his decision and will work closely with him to ensure a smooth transition. The supervisory board remains fully focused on supporting the managing board and creating longterm value for all shareholders.”

Frasers launched its original bid in June, and the Boss board recommended that shareholders turn it down, arguing the 38 euros per share undervalued the company. Sturm had also argued that it failed to capture the brand’s “future value creation potential,” and was designed chiefly to allow Frasers to move above the 30 percent threshold that triggers a mandatory offer under German law.

On Monday, Frasers Group said in a stock market announcement that it had recently held talks with Sturm “regarding the composition of, and an increase in, Frasers’ representation on the supervisory board,” and had “mutually agreed” that Sturm should step down.

It added that “both parties share the view that, as Hugo Boss enters a new chapter in its corporate history, this is an appropriate point in time for an orderly transition in the office of chairman of the supervisory board.”

Frasers said that Michael Murray, CEO of Frasers, and Ashley’s son-in-law, will be joined by a second Frasers supervisory board representative in Robert Palmer, the company’s secretary and one of Ashley’s longtime advisors.

In its statement, Frasers thanked Sturm “for the contribution he has made to Hugo Boss, and intends to work with him in the future.”