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Hugo Boss extends CEO’s contract after boost in full year sales

Hugo Boss has agreed to extend the tenure of Mark Langer, its chief executive and chairman of its managing board. His contract will now run for… View Article

FASHION

Hugo Boss extends CEO’s contract after boost in full year sales

Hugo Boss has agreed to extend the tenure of Mark Langer, its chief executive and chairman of its managing board.

His contract will now run for a further three years until December 2021.

In a statement, Michel Perraudin, chairman of the Hugo Boss supervisory board, said: “Mark Langer has put the company back on the road to growth. We are convinced that he will continue along this path and build a successful future for Hugo Boss.”

Langer added: “I’m delighted to receive this vote of confidence from the supervisory board. It confirms that our strategic realignment is already posting successes, and that we are on track to guide Hugo Boss toward sustainable and profitable growth.”

The news comes as Hugo Boss announced that it grew its currency-adjusted sales by 3% in its 2017 financial year. The company said the growth was primarily due to sales in its retail business, which outperformed expectations.

Standing at €491 million, operating profit remained on a prior year level and was in line with forecast. The increase in sales was offset by investments in repositioning the Boss and Hugo brands and the digital transformation of the company’s business model. Operating profit was also impacted by a strong Euro in the period.

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