Stephan Sturm is stepping down as Hugo Boss supervisory board chair after just over a year in the role, following pressure from Mike Ashley’s Frasers Group. Frasers has grown its stake to roughly 48 percent following a June takeover offer and intends to increase its holding above 50 percent. Hugo Boss announced Sturm will remain chair until a successor is selected and will leave the supervisory board on October 15.

The company said the transition is an orderly response to recent changes in the shareholder structure. Earlier this month, Frasers said it was reviewing whether it continues to support Sturm as chair after clashing over dividend payments. Following the announcement, Hugo Boss terminated its share buyback programme.

Frasers separately said Sturm’s departure had been mutually agreed following discussions over supervisory board composition. Frasers said it was seeking to appoint Robert Palmer, a former accountant and former Frasers company secretary, to the Hugo Boss board. Palmer would serve alongside Frasers chief executive Michael Murray, Ashley’s son-in-law.

Frasers, which first acquired a stake in Hugo Boss in 2020, has a history of building significant stakes in suppliers to pressure them. The group controls a portfolio of more than 90 luxury fashion stores following the acquisition of Harvey Nichols in August.