The German Fashion House Hugo Boss’ Chief Executive Officer Mark Langer has stepped down. Langer will leave the company on September 30 but will continue as a consultant until the end of the year due to the COVID-19 outbreak. Langer has been holding the office since 2016 and prior to this he had been Finance Chief of the company from 2010.
Hugo Boss discarded the outlook it gave for 2020 and took action to protect its cash liquidity, suspending store renovations and new openings and limiting the inflow of stock.
Back in 2016, when Hugo Boss was suffering from steep fall in sales in the US and China, Mark took over from Claus-Dietrich Lahrs. Until the COVID-19 outbreak, he had managed to stem the decline, but the stock had still underperformed.
Mark wanted Hugo Boss to return its roots selling premium men’s clothing and offer more casual and sportswear, while his predecessor had pushed to make the label more of a luxury brand and invested in womenswear.
