German fashion house Hugo Boss has promoted chief financial officer Mark Langer to CEO as it attempts to turn around its fortunes.
He replaces Claus-Dietrich Lahrs, who stepped down in February following a profit warning prompted by a steep fall in sales in the US and China.
Langer joined Hugo Boss in 2003 as director of finance and accounting and became CFO in 2010, when he also joined the managing board.
Before Hugo Boss, he worked at McKinsey & Company and Procter & Gamble.
Hugo Boss’s group revenue fell by 4% year on year to €643m (£507m) in the first quarter of 2016 as difficult trading conditions in the Americas and Asia Pacific markets put pressure on sales.
EBITDA before special items fell by 29% to €93m (£73m).
The business said it would seek to cut costs by renegotiating rents, shutting stores and shifting marketing spend back to its core menswear business.
Langer said: “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.”