Headlines

Boss-ted

Hugo Boss audit reveals 'accounting discrepancies'

Published

22 years ago

May 28, 2002

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Hugo Boss AG (Metzingen, Germany) has announced that profits would fall short of expectations for fiscal 2002 because of “accounting discrepancies” in its U.S. operations. The announcement comes a few days after reports circulated that its two top U.S. executives — ceo Marty Staff and cfo Vincent Ottomanelli — had been placed on paid leave.

Last week, a company spokesperson insisted that Staff and Ottomanelli were “on vacation,” not on any kind of administrative leave.

The accounting discrepancies, discovered during a routine inventory assessment in April, revolved around mistakes in the way the company had accounted for inventory during 2001 in its New York-based office. The German men's fashion designer, manufacturer and retailer said it is currently conducting an investigation into the matter.

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