Mike Ashley’s Frasers Group has ousted the chairman of Hugo Boss as it seeks greater control of the German fashion house.
The UK retail group, which owns Sports Direct, Jack Wills and Flannels, told investors on Monday that Stephan Sturm, chairman of Hugo Boss’ supervisory board, has agreed to step aside.
Ashley’s firm said it had agreed with the iconic German brand that now is an “appropriate point in time for an orderly transition” of power.
“Frasers and Mr Sturm have therefore mutually agreed that Mr Sturm will step down from his position as Chairman and member of the Supervisory Board as soon as possible as permitted by Hugo Boss’ constitution,” the group said.
More to follow.