Ailing Hugo Boss To Cut Rent Costs And Focus On Menswear

The German fashion house Hugo Boss will try to cut costs by renegotiating rents, shutting stores and shifting marketing spending back to its core menswear business after quarterly sales and profits fell short of expectations. Its former chief executive Claus-Dietrich Lahrs took the brand known for its sharp men’s suits more upmarket, opened hundreds of stores worldwide and put a bigger focus on womenswear, teaming up with designer Jason Wu in 2013. Lahrs stepped down in February after the share price tumbled following a profit warning triggered by a steep fall in sales in the US and China. Hugo Boss gave no update on the hunt for a new chief executive on Tuesday. Read more at The Guardian.