German fashion brand Hugo Boss has chosen chief financial officer Mark Langer to become its new chief executive.
Mr Langer replaces Claus-Dietrich Lahrs, an eight-year veteran in the top job who stepped down in February following a slump in sales.
The new chief executive has a challenge on his hands as Hugo Boss has slashed sales forecasts in its major markets of China and the US.
However, he has been with the company for 13 years and so does know the business well.
“Due to my long-standing work for Hugo Boss, I have a clear understanding of the company’s potential and know what we need to do to get it back on track for profitable and sustainable growth,” said Mr Langer.
Claus-Dietrich Lahrs resigned from the top job in February Claus-Dietrich Lahrs resigned from the top job in February Credit: BERND WEISSBROD/AFP / DPA
Supervisory Board chairman Michel Perraudin said he was convinced that “appointing Mark Langer is absolutely the right decision, especially in the current situation.”
The board is expected to rubber stamp the decision to promote Langer “shortly” the company said on its website.
The annual shareholders meeting will take place on Thursday.
Earlier this month the German company published disappointing results including a 29pc drop in earnings before interest, taxes, depreciation and amortization and other items, to €93.5m (£73.4m) in the first quarter.
The group has already announced that it will close some unprofitable stores in order to make savings.
It also plans to spend less on marketing its women’s lines and concentrate on its core menswear market.
Courtesy : telegraph.co.uk