Hugo Boss promotes finance chief Langer to CEO

German fashion house Hugo Boss has named Mark Langer, its finance chief since 2010, as the company's new chief executive to bring the business back on track after disappointing results recently.

Langer, who has been with Hugo Boss for 13 years, replaces Claus-Dietrich Lahrs, who stepped down in February after a profit warning after a steep fall in sales in the United States and China.

"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," Langer said in a statement on Monday.

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Hugo Boss this month said that it will seek to cut costs by renegotiating rents, shutting stores and shifting marketing spending back to its core menswear business.