It has been reported that fashion retailer Hugo Boss was unsuccessful in halting its declining sales due to a “continuously challenging market environment".

Figures show that the retailer’s total revenue fell 3% in its third quarter. However, with currency effects taken into consideration, Hugo Boss’s sales dropped 6% to £635 million.

Despite this, the weak pound did contribute to a 5% increase in sales across the UK, attributing the significant growth to the rise of international tourist’s bulk buying luxury items.

Chief executive, Mark Langer, commented: "We are on an upward trend in China now.

"I'm satisfied at how quickly and comprehensively we adjusted our cost structures to the changing business conditions. All the measures we have taken to protect profitability in the current year are on plan or even ahead."