Hugo Boss takes a step back from the luxury market
26/10/2016
"The effort to make inroads in the luxury market didn't prove to be particularly helpful for our business," Mr Langer told German newspaper Handelsblatt.
The previous CEO of Hugo Boss, Claus-Dietrich Lahrs, made concerted efforts to diversify the brand’s offerings in order to take advantage of the growing luxury market. The recent slowdown of this market has made it less appealing.
Mr Lahrs left Hugo Boss in February following disappointing sales in the US and China. His replacement has already announced plans to close more than 20 of the brand’s stores globally as part of a cost-cutting exercise in response to recent sales results.
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