Mike Ashley’s Frasers Group is weighing a move to oust the chairman of Hugo Boss’s supervisory board as it outlined new plans to increase its stake in the German fashion house.

The retail group, founded by the British billionaire, told investors on Tuesday that it wants to control more than half of Hugo Boss. Frasers already owns nearly 48 per cent of the company, making it its largest shareholder.

The update raised questions over Stephan Sturm’s position as chairman of Hugo Boss’s supervisory board and suggested Frasers could move against him.

The group said: “Frasers is currently reviewing whether it continues to support Mr. Stephan Sturm in his position as the Chairman of the Supervisory Board of Hugo Boss.”

A bid to replace Sturm would be the latest in a long series of boardroom clashes involving Frasers. The company has built a reputation for taking stakes in rival businesses and using those holdings to push aggressively for change inside the companies concerned.

Sturm has been chairman of Hugo Boss’s supervisory board since May last year. Michael Murray, Frasers’s chief executive, holds a seat on the board.

Hugo Boss’s supervisory board sits above its managing board, overseeing its work and appointing the members of that panel, which makes control of the seat significant as Frasers increases its holding.

Frasers pushes into luxury fashion

Last month, Frasers increased its stake in the German fashion house to 47.9 per cent, a holding worth nearly €1.5bn.

The group had previously made a £1.7bn offer for the entire company, but Hugo Boss rejected it as “inadequate”. Frasers then turned to investors and acquired about 17 per cent of Hugo Boss with its €38-per-share offer.

Frasers has also reportedly been pushing to install Murray, Ashley’s son-in-law, as chief executive of Hugo Boss.

In 2024, Frasers built stakes in luxury bagmaker Mulberry and online retailer Boohoo, but failed to secure board seats at either company.

Earlier this year, Ashley launched a £166m takeover bid for Australian shoe company Accent and called for the removal of its chairman over alleged “poor performance”.

The move on Hugo Boss comes as Ashley, who founded Sports Direct, continues to push his retail empire further upmarket. Frasers has described recent acquisitions in that direction as part of its broader “elevation strategy”, including last month’s purchase of struggling department store chain Harvey Nichols out of administration for about £40m.

The company, which also owns the upmarket brand Flannels, said the acquisition would support its “elevation strategy, strengthening its luxury positioning”.

Ashley founded Frasers Group in 1982. Its brands include Jack Wills, Evans Cycles, Lonsdale and Slazenger.