German fashion house Hugo Boss has named Mark Langer, its finance chief since 2010, as the company’s new chief executive to bring the business back on track after disappointing results recently.
Langer, who has been with Hugo Boss for 13 years, replaces Claus-Dietrich Lahrs, who stepped down in February after a profit warning after a steep fall in sales in the United States and China.
The new chief executive has a challenge on his hands as Hugo Boss has slashed sales forecasts in its major markets of China and the US.
His predecessor, Claus-Dietrich Lahrs, quit in February two days after the group’s second consecutive profit warning shaved a substantial part off the company’s market value. Since then, the remaining management board members shared his responsibilities on an interim basis.
Hugo Boss this month said that it will seek to cut costs by renegotiating rents, shutting stores and shifting marketing spending back to its core menswear business.
Professional Journey of Mark Langer
In 1995, Mark Langer started his career as Associate at McKinsey & Company in Munich before he joined Procter & Gamble in Schwalbach as Financial Analysis Manager Europe in 1997. After two years, he returned to McKinsey & Company to become Senior Associate and Project Leader in New York and Düsseldorf.
Mark Alexander Langer joined HUGO BOSS AG in January 2003 as Director Finance & Accounting. After also having served as Senior Vice President Global Replenishment for two years, he became Chief Financial Officer (CFO) and member of the Managing Board in January 2010.