Skip to main content
BoF Logo

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.

Hugo Boss CEO Wants to Abandon Luxury Segment

German fashion house Hugo Boss is planning to abandon the luxury market and go back to its roots of selling premium men's clothing.
Hugo Boss store | Source: Shutterstock
By
  • Reuters

FRANKFURT, Germany — German fashion house Hugo Boss is planning to abandon the luxury market and go back to its roots of selling premium men's clothing, its chief executive told Handelsblatt.

"The effort to make inroads in the luxury market didn't prove to be particularly helpful for our business," Mark Langer was quoted as saying on Tuesday in his first interview since taking over at Hugo Boss.

Former boss Claus-Dietrich Lahrs had taken the German label more upmarket as the luxury market boomed, opening more than 400 stores worldwide and putting a bigger focus on womenswear.

But the luxury sector is now going through its most severe slowdown in seven years, prompting Lahrs to quit in February as Hugo Boss sales slumped in the United States and China.

ADVERTISEMENT

Langer plans to close unprofitable stores and he wants to cut annual costs by €50 million ($55 million).

By Harro ten Wolde; editor: Ruth Pitchford.

Related Articles:

Claus Dietrich Lars Named Bottega Veneta CEO; Carlo Beretta Promoted to Kering RoleOpens in new window ]

© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions

More from Luxury
How rapid change is reshaping the tradition-soaked luxury sector in Europe and beyond.

Fashion and Design Collide at Salone Del Mobile

Fashion’s presence at Milan Design Week grew even bigger this year. Savvy activations by brands including Hermès, Gucci, Bottega Veneta, Loewe and Prada showed how Salone has become a ‘critical petri dish for dalliances between design and fashion,’ Dan Thawley reports.


view more

Subscribe to the BoF Daily Digest

The essential daily round-up of fashion news, analysis, and breaking news alerts.

The Business of Fashion

Agenda-setting intelligence, analysis and advice for the global fashion community.
CONNECT WITH US ON
The Business of Beauty Global Awards - Deadline 30 April 2024
© 2024 The Business of Fashion. All rights reserved. For more information read our Terms & Conditions, Privacy Policy, Cookie Policy and Accessibility Statement.
The Business of Beauty Global Awards - Deadline 30 April 2024