Frasers Group is reportedly seeking to install its chief executive, Michael Murray, at the helm of Hugo Boss in a bid to tighten its grip on the business.
The Sports Direct owner is strongly considering appointing Murray as Hugo Boss chief executive if its takeover attempt succeeds. The move would grant Frasers greater control over the German premium fashion label and marks a significant escalation in its aggressive acquisition strategy.
Murray, who is the son-in-law of Frasers founder and controlling shareholder Mike Ashley, has led the retail group since 2022. He has spearheaded Frasers’ “elevation” strategy, driving the business deeper into premium and luxury retail via its Flannels and Frasers department store chains.
Murray already holds a seat on the Hugo Boss supervisory board, having been elected in May 2025 for a term running until 2030.
Frasers recently raised its direct stake in Hugo Boss to roughly 30.3%, crossing the legal threshold that triggers a mandatory takeover offer under German law. In June, Frasers launched a €38-per-share cash bid for the stock it does not already own.
However, the Hugo Boss management and supervisory boards unanimously urged shareholders to reject the offer, arguing that it significantly undervalues the business and its long-term growth prospects. Murray was excluded from the committee assessing the bid due to a clear conflict of interest.
Frasers initially backed incumbent Hugo Boss chief executive Daniel Grieder when launching the offer, making the plan to replace him a major strategic shift.
Hugo Boss generated revenues of €4.27bn in 2025, but expects sales to drop by a mid-to-high single-digit percentage this year as it reshapes its brand portfolio, product lines, and distribution networks. The company is fighting to shore up profitability amid sluggish consumer demand—particularly in China—and wider headwinds across the global luxury sector.
Gaining control of Hugo Boss would mark Frasers’ largest transaction to date, vastly expanding its footprint in international high-end fashion.
However, it also adds further complexity to Murray’s expansion drive, with Frasers simultaneously pursuing Australian footwear retailer Accent Group alongside a rapidly growing portfolio of retail investments.
