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Frasers Group is reportedly considering appointing its Chief Executive Michael Murray to lead Hugo Boss if its takeover of the German premium fashion company succeeds, according to a report by The Times.
The proposed appointment would give Frasers direct operational control of Hugo Boss and represent a change from its earlier support for incumbent CEO Daniel Grieder when it originally launched its offer in June.
Murray, who has led Frasers since 2022, is the son-in-law of founder and controlling shareholder Mike Ashley. He has overseen the group’s elevation strategy, which has expanded its position in premium retail through Flannels and the Frasers department store business.
He joined the Hugo Boss supervisory board in May 2025 for a five-year term. Because of the potential conflict of interest, Murray was left out of the committee reviewing Frasers’ takeover bid and took no part in its talks.
Frasers crosses the mandatory-bid threshold
The news follows Frasers’ increase in its Hugo Boss holding to 30.28% last week, after it acquired a further 2,549,900 shares in the company. Its direct position now comprises 20,897,361 shares, excluding stock already tendered into the offer.
By crossing the 30% ownership threshold, Frasers triggered Germany’s mandatory-bid rules, which are similar to those in the UK. Frasers did not change its €38-per-share offer, however, with the initial acceptance period due to close at midnight Frankfurt time on 27 July.
The group had previously declared its original €38 price as final. Frasers had first launched its bid on 10 June, valuing the remaining 73.94% of the Hugo Boss brand at about €1.98 billion.
Almost one month later, Hugo Boss’s management and supervisory boards unanimously recommended that shareholders should reject the unsolicited approach, calling it financially “inadequate”.
Daniel Grieder, the current Chief Executive Officer of Hugo Boss, said at the time: “Against this backdrop, we firmly believe that the offer price fails to capture the company’s intrinsic value and long-term potential.”
Hugo Boss pursues a strategic reset
Hugo Boss generated revenue of about €4.27 billion in 2025 but entered 2026 amid weaker consumer demand and changes to its product and distribution strategy.
Its first-quarter sales for 2026 declined 6% to €905 million, with an EBIT of €35 million. Performance varied across its brands, with BOSS down 3% and HUGO declining 21% in Q1, as the company implemented targeted measures aimed at strengthening long-term brand positioning.
Frasers has been building its Hugo Boss position over the last six years. Full ownership would make the fashion house its largest acquisition and expand a portfolio that includes Sports Direct, Flannels, Jack Wills and Gieves & Hawkes.
The retail group is also pursuing Australian footwear retailer Accent Group, which has, however, firmly rejected its approach. Last week, Frasers extended that offer until September, with its other terms unchanged.