It has been announced today that Claus-Dietrich Lahrs, chief executive of fashion retailer Hugo Boss is to step down as part of a ‘mutual agreement’. The news follows the announcement that the company is expecting “low double-digit” decline in its annual results for 2016 sending shares to their lowest point in eight years.

Whilst the company looks for a replacement, other members of the board will handle his duties. Hugo Boss thanked Mr Lahrs for his “long and very successful work” over the past eight years.
Michel Perraudin, supervisory board chairman, said: "Claus-Dietrich Lahrs has put his stamp on the development of Hugo Boss during the past years. For the brand he has paved the way for an international future and he has positioned the company well in the market.”

As well as the announcement of Mr Lahrs, the company has also announced that joining the board on the 1st March is Bernd Hake, senior vice president of EMEA, Middle East and India. Mr Hake will be in charge of sales and retail.