Hugo Boss Takes a Tumble, CEO Resigns

Times are not very good for the German fashion house. After announcing that Hugo Boss AG will experience a profit decline of at least 10 percent, it’s stocks took a big hit. Hugo Boss has put the blame for the plunge on weaker-than-expected sales in the United States and Chinese markets.

The shares fell 20 percent, bringing their worth to 55.55 Euro (or $61.39 for the given exchange rate), their lowest levels in five years. In response to this, Hugo Boss Chief Executive Claus-Dietrich Lahrs is leaving his position, one he performed for eight years.

Hugo Boss

At the moment Hugo Boss will have the responsibilities of Lahrs filled by other board members until a suitable replacement is found. The company will have more in depth financials available on March 10, look back for more information when that becomes available.