Hugo Boss CEO to step down at end of month

German fashion house Hugo Boss announced Thursday the resignation of its chief executive Claus-Dietrich Lahrs at the end of February after profits fell last year as a result of sluggish business in China and the United States.

Hugo Boss said in a statement that Claus-Dietrich Lahrs would step down with effect from February 29 "upon his request as part of a mutual agreement."

A former executive of Christian Dior Couture, Lahrs was appointed CEO at Hugo Boss in 2008.

The company said its personnel committee would "deal without delay with the question who will succeed Claus-Dietrich Lahrs as CEO. For now, (his) responsibilities will be taken care of by the other members of the managing board."

The announcement sent Hugo Boss shares sharply higher on the Frankfurt stock exchange.

Photo: Hugo Boss CEO Claus-Dietrich Lahrs (thepeninsulaqatar.com)