It has been revealed that luxury fashion brand Hugo Boss has promoted Mark Langer, chief financial officer to CEO to boost the business.

Mr Langer, who has taken over from Claus-Dietrich Lahrs will hold both chief executive and chairman positions on its board.

Since announcing its largest quarterly loss in six years, with total first quarter revenue decreasing 4% year on year to £506 million, Mr Langer is looking to turn the company around by shutting loss-making stores, renegotiating rents and focusing its spend on its core menswear sector.

Mr Langer said: “Due to my long-standing work for Hugo Boss I have a clear understanding of the company’s potential and know what we need to do to get it back on track for profitable and sustainable growth.”

In a statement, Michel Perraudin, Boss’s supervisory board chairman, said: “I am convinced that appointing Mark Langer is absolutely the right decision, especially in the current situation. With the actions already taken within the last couple of months, he has acted quickly and shown great determination as well as strategic foresight.”