Will Frasers' Michael Murray be Hugo Boss' next CEO?

Frasers Group is exploring ways to install its chief executive, Michael Murray, as chief executive of Hugo Boss, as the Mike Ashley-controlled retailer seeks greater control over the German fashion house, The Times reported on Sunday.

Sources told the paper that Frasers was laying the groundwork to position Murray at the top of Hugo Boss. The move would follow a significant escalation, as on July 21, Frasers pushed its stake above 30 percent, crossing the threshold that triggers a mandatory takeover offer under German rules. FashionUnited has reached out to the company for an official statement.

For Murray, the German house could be one the biggest tests yet of his career. Ashley's son-in-law was appointed chief executive of Frasers in 2022 at the age of 33, taking over from his father-in-law. He had joined the group in 2015, initially in property and retail, before becoming group head of elevation in 2019. The business then rebranded from Sports Direct International to Frasers Group and repositioned itself to attract higher-profile partners, with the luxury chain Flannels as its showpiece and the group expanding into property and financial services. Murray was appointed to Hugo Boss's supervisory board in May last year.

Pushing for Murray to take the top job would follow a familiar Frasers script. In late 2024, having quietly built a majority position in Boohoo to become its largest single investor, the group used that weight to demand boardroom change and attempted to install Ashley himself as chief executive of the online retailer.

Rejected bid

Frasers launched a voluntary offer to take over Hugo Boss last month at 38.00 euros per share in cash, valuing the brand at roughly 2.7 billion euros, or about 1.7 billion euros, for the portion it does not own. Hugo Boss' management and supervisory boards unanimously recommended shareholders reject the bid, calling it inadequate and below the company's intrinsic value; the offer represented a premium of only around 4 percent.

Founded in 1924, Hugo Boss is Germany's largest premium fashion house. The company made general-purpose clothing before pivoting to men's suits after the Second World War, and went public in 1988. Since 2021, it has been led by Daniel Grieder, who previously served as the CEO of Tommy Hilfiger Global and PVH Europe.

Hugo Boss reported a roughly 1 percent sales decline in 2025, which it attributed to weak demand in Britain and China, and in December it cut its 2026 operating profit forecast and launched a strategy through 2028 dubbed "Claim 5 Touchdown," expecting sales to return to growth only in 2027. The stock trades around 50 percent below its July 2023 level.

Frasers, which also owns House of Fraser, Evans Cycles and Jack Wills, has described Hugo Boss as one of its top brands.