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Hugo Boss CEO departs after profit warning

Hugo Boss chief executive Claus-Dietrich Lahrs has resigned from his role two days after the business issued a profit warning.

The company said on Tuesday that it expects adjusted operating profit to fall at a low double-digit rate this year, compared with the same period last year, because of challenging market conditions in China and the US.

Former UK managing director Bernd Hake will become a member of the managing board responsible for sales and retail from March 1. He became senior vice-president Europe, Middle East, Africa and India in July 2013.

The company said it is now looking for a replacement for Lahrs and his responsibilities will be assumed by members of the managing board in the interim period.

Lahrs has been chief executive for the last eight years.

Supervisory board chairman Michel Perraudin thanked Lahrs and said he had paved the way for the Hugo Boss’s future as an international company, developed its own retail business and positioned it as a leading premium fashion firm.

The company said on Tuesday it is adjusting sales prices in Asia more closely to the levels in Europe and the Americas, and will limit the distribution of its Boss brand in the US wholesale market to mitigate the impact of an industry dominated by heavy discounting.

 

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