Mike Ashley tightens grip on Hugo Boss as son-in-law and Frasers boss is made chairman

See more This is Money on Google - save us as a Preferred Source Updated: 06:14 EDT, 16 September 2026 Frasers’ boss Michael Murray has been made the new chairman of Hugo Boss as his father-in-law Mike Ashley strengthens his hold over the fashion label.The retail giant, owned by billionaire Ashley, has increased its shareholding in Hugo Boss to close to 50 per cent as it eyes a takeover.Earlier this week, Hugo Boss chairman Stephan Sturm stepped down following discussions with Frasers. It came after months of pressure on Sturm, who was only elected chair in May 2025.Michael Murray, who is Frasers’ chief executive and one of the youngest bosses in the FTSE 250 at 36, is married to Ashley’s eldest daughter Anna. He was already a member of the Hugo Boss board.Murray said he was looking forward to ‘building on the company’s strong foundation and supporting the execution of its strategic priorities’. Michael Murray, who is Frasers’ chief executive and one of the youngest bosses in the FTSE 250 at 36, is married to Ashley’s eldest daughter Anna.He added: ‘By ensuring continuity and maintaining a clear long-term perspective, we will focus on unlocking the full potential of Hugo Boss and creating sustainable value for all shareholders and stakeholders.’Frasers has built its holding in Hugo Boss, which it stocks in its Flannels and Frasers shops, since its first investment in 2020, building its stake to around 36 per cent in July.It offered to pay around £1.7billion for the remaining shares, equivalent to €38 per share, but Hugo Boss rejected the ‘inadequate’ takeover offer.In August, 17.6 per cent of Hugo Boss investors tendered their shares in support of the bid, bringing Frasers’s stake to nearly 48 per cent.The proposed takeover of Hugo Boss forms part of Frasers’s push into the luxury market after buying department store chain Harvey Nichols for £40million last month.Frasers shares were down 4 per cent in London on Wednesday morning.DIY INVESTING PLATFORMSAJ BellAJ BellEasy investing and ready-made portfoliosHargreaves LansdownHargreaves LansdownFree fund dealing and investment ideasinteractive investorinteractive investorFlat-fee investing from £4.99 per monthFreetradeFreetradeInvesting Isa now free on basic planTrading 212Trading 212Free share dealing and no account feeAffiliate links: If you take out a product This is Money may earn a commission. These deals are chosen by our editorial team, as we think they are worth highlighting. This does not affect our editorial independence.Compare the best investing account for you