Hugo Boss chairman Stephan Sturm will step down and the company has launched a search for his replacement, it said on Monday, in a win for British retailer Frasers, which is pushing to take over the German fashion group. Controlled by British billionaire Mike Ashley, Frasers Group has been pushing into the premium and luxury space. It said this month that it planned to raise its stake in Hugo Boss to more than 50%, from its current holding of 48%. Frasers said it had agreed with Sturm that an orderly transition in the supervisory board chairmanship was appropriate as Hugo Boss entered a "new chapter" in its history. "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," Frasers said. It was also seeking to increase its representation on the Hugo Boss supervisory board, it said, and proposed to appoint its own former company secretary Robert Palmer as a second representative alongside Frasers CEO Michael Murray. Sturm will remain chairman until a successor is elected, Hugo Boss said, adding that it would start the succession process immediately and provide an update in due course. Hugo Boss would be the latest addition to Ashley's sprawling retail empire, which includes Sports Direct and House of Fraser under Frasers Group, as well as stakes held by Frasers in Asos, Debenhams, and Currys. Last month, it acquired British luxury department store Harvey Nichols.
