A captain cannot leave his ship in a storm. As announced in March, the departure of Hugo Boss CEO Mark Langer, who has led the high-end German ready-to-wear giant since 2016, has been pushed back to 30 September, so that he can lead the company through the challenges related to the Covid-19 pandemic.
And now, with the virus' spread slowing down and Europe loosening quarantine measures, the board of directors of Hugo Boss looks close to finding his successor. The company has announced that it is in advanced talks with Daniel Grieder, the Swiss-born executive who recently left PVH Corp, where he had been serving as CEO of PVH Europe and Tommy Hilfiger global.
He is, therefore, a manager who understands the unique challenges facing an international company bringing in billions of euros in sales, but who also knows how to respond to the expectations of millennials, as shown by his time at Tommy Hilfiger. This last point in particular is a strength that Hugo Boss will be looking to tap as it seeks to give a boost to its Hugo label, which targets this segment of consumers.
The German group announced its financial results for fiscal 2019 on 5 March, reporting annual revenues of 2.88 billion euros, up 2% in constant currencies compared to fiscal 2018. Hugo Boss' annual operating income declined 4% to 332 million euros, coming in under the company's full-year guidance.