With its ailing US business, Hugo Boss has decided to replace the head of its US market at the end of the month. With Gerrit Ruetzel less than two years into the position, he will leave to “seek new opportunities,” according to Hugo Boss Group. He is to be succeeded by a former Hugo Boss employee, who left the company a decade ago, Anthony Lucia.
Sales fell 21 per cent in the second quarter, making the change in directors an attempt to turn the business around. Mark Langer, new chief executive, will be attempting to revive US revenue.
“Ruetzel is paying for the difficult situation of the brand in the US,” said Cedric Rossi, an analyst at Bryan Garnier & Co. Depressed apparel sales are an industry-wide problem, he says.
Hugo Boss shares have declined 46 per cent in the last year, recently changing to €54.19 on September 9 in Frankfurt.
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