Hugo Boss Chief Executive Claus-Dietrich Lahrs is stepping down after eight years at the helm of the German fashion house after the share price tumbled following a profit warning on weak sales in China and the United States. Hugo Boss shares fell to their lowest level in five years after  the firm said it expects sales to grow more slowly than its long-term forecast in 2016 and adjusted operating profit to fall. Hugo Boss said it would start without delay to find a successor  to Lahrs, who it said was leaving with effect of Feb. 29 "upon his request as part of a mutual agreement". Lahrs, a 52-year-old German who previously worked for Cartier,  LVMH and Christian Dior, joined Boss in 2008. Together with former private equity owner Permira, he drove the  German company on a global expansion drive, increasing sales by almost two thirds as the brand opened about 100 new stores annually and expanded into women's wear. Hugo Boss's stock had more than doubled in value since Pemira's  Red & Black investment vehicle took it over in 2007, but Permira sold off its remaining stake last year, leaving Italy's Marzotto family as the biggest shareholder. However, the company has stumbled as global sales of luxury  goods have slowed, particularly in China. Boss said it would bring prices in Asia down closer to levels in  Europe and the Americas and limit the distribution of its core brand in the U.S. wholesale business to try to avoid the impact of a market dominated by big discounts. Boss said Bernd Hake, currently responsible for the Europe,  Middle East, Africa and India regions, will take responsibility for sales and retail as a new member of the managing board from March 1. Lahrs'  other responsibilities will be taken on by other members of the board until a successor is found, Boss said.