It was announced Thursday by German fashion house Hugo Boss that Claus-Dietrich Lahrs, CEO of the company, will be stepping down with effect from February 29.

As a former executive of Christian Dior Couture, Lahrs was appointed to his position at Hugo Boss in 2008 where he pushed the fashion house to expand itself globally through the opening of more retail stores worldwide, in a bid to shift the brand into more mainstream retail. This strategy worked at the onset but the current retail climate in Asia torpedoed it. Declining sales across stores, especially in China, have been plaguing the company.

A statement was issued that Lahrs was stepping down “upon his request as part of a mutual agreement”. The company has decided to split his responsibilities among the other members of the managing board until a successor is found. The announcement also caused a rise in Hugo Boss shares on the Frankfurt stock exchange.