British billionaire Mike Ashley tightens grip on Hugo Boss as Frasers executive becomes CEO

British billionaire Mike Ashley is strengthening his influence over German fashion house Hugo Boss after Frasers Group executive David Epstein was appointed chief executive, giving the retailer another senior ally inside the luxury brand it recently brought under its control.

Hugo Boss announced on November 12 that Epstein would replace Daniel Grieder as chief executive from January 1, 2027. Grieder, who has led the company since June 2021, will leave at the end of December at his own request.

Epstein's appointment represents another important step in Frasers Group's growing influence over Hugo Boss. The British retailer, controlled by Ashley, became the German fashion company's majority shareholder in October after increasing its holding above 50%, following an unsuccessful €2 billion takeover offer earlier in the year.

The development builds on Frasers' earlier move to take control of Hugo Boss, which marked a significant expansion of Ashley's ambitions in the international luxury fashion market.

Epstein joins Hugo Boss after more than a decade at Frasers Group, where he most recently served as chief brand partnerships officer. Appointed to the position in 2024, he oversaw relationships across the retailer's sports, premium and luxury businesses.

He previously spent five years as managing director of Frasers' premium and luxury divisions, helping develop its brand portfolio and commercial relationships. His experience in managing partnerships with international fashion labels is expected to shape his approach to the new position.

His appointment also follows the arrival of Frasers chief executive Michael Murray as chairman of Hugo Boss's supervisory board in September. Murray, who is Ashley's son-in-law, has become a central figure in the retailer's relationship with the German fashion company.

Together, the leadership changes give Frasers considerable influence over Hugo Boss's strategic direction, even as the German company retains its own management structure and operations.

The changes extend beyond the chief executive's office. Hugo Boss chief financial officer Yves Müller left in October and was replaced by Ivica Maric, while chief sales officer Oliver Timm is scheduled to depart at the end of November.

Frasers has also appointed Alastair Dick, previously head of commercial for its premium and luxury division, as chief commercial officer. Dick, who has spent more than 20 years with the retailer, will oversee commercial buying and brand relationships.

For Ashley, the appointments fit into a broader strategy of expanding Frasers beyond its traditional sports and general merchandise operations into premium and luxury retail. The group operates Sports Direct, Flannels and House of Fraser, while building investments in brands including Hugo Boss, Burberry, Puma and Under Armour.

The Hugo Boss investment has been particularly significant. Frasers first acquired a stake in the German fashion group in 2020, gradually increasing its exposure before launching its unsuccessful takeover proposal in June 2026. Its subsequent purchases pushed its holding beyond the majority threshold.

Ashley, 62, founded the business that became Frasers Group in 1982 with a single sports shop in Maidenhead, England. He stepped down as the group's chief executive in 2022 but remains its controlling shareholder, with a fortune estimated at approximately $4 billion.

The appointment of Epstein marks a new phase in Ashley's Hugo Boss investment, moving his influence beyond share ownership and board representation into the company's executive leadership.