Hugo Boss’s supervisory board is facing uncertainty as its largest shareholder, Frasers Group, has formally withdrawn support for Chairman Stephan Sturm. Frasers, which holds a 25 % stake in the German fashion group, said it may push for a new chairman to lead the board.

Despite this, Hugo Boss issued a separate statement affirming that Sturm intends to remain in his role. “Stephan Sturm stands by his responsibility as chairman of the supervisory board and firmly intends to continue in this role,” the company said.

Frasers indicated the move is aimed at influencing the composition of the supervisory board and possibly replacing the chairman if consensus cannot be reached. The company’s potential exertion of board influence marks a rare public challenge to leadership in the luxury sector.

The conflicting statements have sparked confusion among investors and analysts, with many noting the situation puts added pressure on Hugo Boss’s governance and strategic direction.