Berlin — The new CEO of Hugo Boss says a plan to revive the struggling German fashion house by cutting brands and seeking to appeal to fashion-conscious younger customers will bear fruit only from 2018, sending its shares lower on Wednesday. Mark Langer is returning Hugo Boss to its roots selling premium men’s clothing, reversing the course of predecessor Claus-Dietrich Lahrs, who sought to create a luxury brand and invested heavily in womenswear. Langer told an investor day that the company would now focus on two main brands: one higher-priced premium line and another at lower prices for younger consumers, seeking to complement its smart business suits with more casual and sports outfits. "We have placed a too strong focus on a push into luxury price points," he said. "We have to make sure we are perceived as a lifestyle brand beyond our suiting capabilities." Lahrs resigned in February after a severe slowdown in luxury demand led to a steep fall in Hugo Boss sales in the US and Ch...
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