Mike Ashley's retail empire, Frasers Group, announced that its chief executive, Michael Murray, is set to join the board of German fashion giant Hugo Boss. Slated for an upcoming election, he aims to secure a position on the supervisory board.
Frasers Group, which owns high street mainstays such as Sports Direct and House of Fraser, has been increasing its stake in Hugo Boss over time, having first bought 5.1 per cent in 2020 and now holding 15 per cent, as reported by .
Murray commented, "I am delighted to be running for election to the supervisory board of Hugo Boss and am grateful for the invitation to do so."
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He expressed his admiration for the company adding, "We have huge respect for Hugo Boss, its management team, and its strategy, as well as the enormous contribution from all employees as the company makes progress towards its goals."
He concluded with enthusiasm about contributing his retail and transformation expertise to further the brand's success.
Hugo Boss concurrently revealed that Stephan Sturm is poised to take over as chairman of the supervisory board after the upcoming annual shareholders’ meeting, taking the reins from Hermann Waldemer. Alongside Murray, Andreas Kurali is also nominated for board membership due to the departure of Gaetano Marzotto and Robin J Stalker.
Since 2022, Murray has held the CEO position at Frasers Group and is notably Mike Ashley's son-in-law.
Waldemer expressed his satisfaction with the new appointment, stating: "I am very pleased that we have been able to win such an experienced leader as Stephan Sturm for the supervisory board of Hugo Boss."
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He praised Sturm's extensive experience, saying, "Based on his previous supervisory board activities, and his many years as chairman of the management board and chief financial officer of the Fresenius health care group, he brings with him a deep understanding of the capital market."
Waldemer continued, "Stephan Sturm, like Andreas Kurali and Michael Murray, will be a great asset to the company."
Reflecting on his own tenure, he added, "After ten years as a member of the supervisory board and five years as its chairman, I will step down, knowing that Hugo Boss can look to the future with great confidence."
He concluded by commending the company's trajectory, "The company has written a great success story under the leadership of Daniel Grieder and will continue on this path."