Hugo Boss’ CEO Claus-Dietrich Lahrs has stepped down from his role following the recent announcement of company’s lowest shares in eight years.
Earlier this week, the German retailer said it was expectant of a “low double-digit” decline in its 2016 results due to depreciating sales in the US and China. Its recent fall has left the company’s share price at €55.55.
Supervisory Chairman Michael Perraudin thanked Lahrs for his eight years of service heading the brand and said that he had cemented Hugo Boss’s future as an international company. Perraudin claimed that Lahrs had successfully positioned Boss as a leading premium retailer.
Bernd Hake, former UK Managing Director will stand as a member of the managing board for sales and retail from 1 March. Hake became the Senior Vice-President of Europe, Middle East, Africa and India at Boss in summer 2013. Lahrs’ responsibilities will be delegated to members of the managing board while the company looks for his replacement.
“The incoming CEO will have his or her work cut out,” commented MainFirst Analyst John Guy.
Lahrs’ successor will have to face a “challenging market environment in China and the US”, as the brand lowers its prices in response to the suffering Chinese climate.