Chair of Hugo Boss supervisory board steps down amid takeover bid

The battle over the takeover of Hugo Boss by the British Frasers Group has prompted the chairman of the German fashion company's supervisory board to step down. 

Stephan Sturm will resign from his position as a member of the supervisory board with effect from October 15, Boss announced on Monday. 

The decision follows "constructive discussions against the backdrop of the recent changes in HUGO BOSS' shareholder structure," the company said in a statement. The search for a successor is now under way.

The Frasers Group initial attempt at a takeover narrowly fell through. The British group currently holds a stake of almost 48% in Boss, and has announced its intention to further increase its shareholding. 

Relations between the major shareholder and the company's management have been strained for some time. 

In December, Frasers withdrew its confidence in Sturm after issues including a dispute over the dividend payment.

The Frasers Group is majority-owned by the British billionaire Mike Ashley. The company's most important and best-known brand is the retail chain Sports Direct. In addition, the company holds numerous shareholdings - including in the online shop ASOS.

Sturm will continue to serve as chairman of the supervisory board until a successor is elected, but no later than his departure from the supervisory board, Boss announced.