Marzotto family increases stake in Hugo Boss
A sign of support for Mark Langer, the new CEO of Hugo Boss, appointed in mid-May to succeed Claus-Dietrich Lahrs. Marzotto, the former owner of Valentino Fashion Group and hence Hugo Boss, has recently acquired further shares in the German fashion label through the family holding companies Zignago and PFC, increasing its stake from 7 to 10%.
The announcement is proof of the Italian family's confidence in the German group's ability to bounce back, after several warnings about its results and the difficulties experienced in, among others, China and the USA.
"They owned Hugo Boss between 1991 and 2007, and also Valentino between 2003 and 2007, so they are well-acquainted with the fashion label," commented Cedric Rossi, an analyst at Bryan Garnier & Co, cited by Bloomberg. It must be said that Mark Langer too is well-acquainted with the label, having worked there for 13 years. He was appointed CFO in 2010.
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