Hugo Boss CEO Grieder to step down Dec. 31 as Frasers' Epstein takes over

Hugo Boss said on Nov. 12 that Chief Executive Daniel Grieder will leave the company at his own request on Dec. 31, handing the German fashion house to Frasers Group executive David Epstein from Jan. 1, 2027.

The appointment puts a Frasers manager in charge of the Boss and Hugo brands soon after the British retailer took majority control. Frasers raised its stake to approximately 50.08% in October, making Hugo Boss a subsidiary of the Mike Ashley-owned group, according to Vogue Business.

Epstein has been chief brand partnerships officer at Frasers since 2024, overseeing partnerships across its Sport, Premium and Luxury businesses. He has spent more than 10 years at the group and earlier ran its Premium and Luxury divisions as managing director for five years, the Hugo Boss announcement said. In a London Stock Exchange filing, Frasers said Alastair Dick, head of commercial for its Premium and Luxury division and a group veteran of over 20 years, will become chief commercial officer, also from Jan. 1, 2027.

Grieder took office in June 2021 after more than 20 years at Tommy Hilfiger. His mandate was to double company sales to €4 billion by 2025. Under the CLAIM 5 strategy he relaunched Boss and Hugo with distinct identities, a new visual language and global campaigns aimed at a younger, broader audience. In 2022 he split the business into two brands, positioning Hugo for Gen Z and Boss for millennials. Hugo Boss reported €4.3 billion in group sales for fiscal 2025.

In his statement, Grieder credited the company's teams with bringing both brands back on stage and redesigning its stores worldwide. He said he was convinced that "now is the right time for me to step down and hand over to the next generation of leadership."

The handover comes as trading weakens. On Nov. 3, Hugo Boss cut its full-year outlook, saying it now expects currency-adjusted group sales to decline in the high single-digit percentage range in 2026, with EBIT between €250 million and €300 million. Third-quarter sales fell 5% on a currency-adjusted basis, leaving the year-to-date decline at 7%. Gross margin improved 220 basis points to 63.3%, but EBIT dropped to €81 million, an 8.6% margin. The company said the update reflected higher non-cash depreciation charges for IT assets and softer demand assumptions for the fourth quarter.

Grieder's exit caps a run of senior changes this autumn. Earlier in November, the company said Oliver Timm, chief sales officer and deputy chief executive, will leave the managing board at his own request on Nov. 30, with Grieder and Chief Financial Officer Ivica Maric splitting his duties until further notice. Grieder said the two men had worked side by side for almost 30 years. In September, the supervisory board elected Frasers Chief Executive Michael Murray as chairman, succeeding Stephan Sturm, and said Robert Palmer, a director of Frasers Group Financial Services Limited, was expected to join the board.

Frasers built its position over several months. In June it put forward a €2 billion takeover proposal, or €38 per share, which Hugo Boss judged inadequate and urged shareholders to reject. Frasers kept buying, reaching 47.89% in August. In October it bought another 198,666 shares, worth €7.63 million, to cross the majority line, according to Vogue Business. The group has also bought Harvey Nichols, taken a stake in Under Armour and raised its holding in Burberry this year.

Murray thanked Grieder on behalf of the supervisory board and said the company had sharpened its positioning under his leadership. "We respect his decision to step down," Murray said. He described Epstein as an executive with a deep understanding of global brands and extensive experience in premium and luxury retail. Sinan Piskin, deputy chairman and employee representative, said Murray had shown commitment to the headquarters and locations in and around Metzingen.

Timm leaves on Nov. 30 and Grieder on Dec. 31. Epstein takes the chief executive role on Jan. 1, 2027, the same day Dick's appointment at Frasers takes effect. For more on fashion and luxury leadership, see the 1NFLUENC3 Lifestyle & Fashion desk.