Hugo Boss CEO gets new five-year contract

FRANKFURT - Hugo Boss has extended the contract of chief executive Claus-Dietrich Lahrs, he told German business daily Handelsblatt in an interview published on Thursday.

"I received a new five-year contract just before Christmas," Lahrs was quoted as saying.

Under Lahrs, Hugo Boss has increased the number of collections it offers each year and shortened development times to better follow the model of fast-fashion retailers such as Spanish group Inditex's Zara.

It is also making a push to become more of a retailer, rather than just selling stock to wholesale partners.