Headwinds dampen Hugo Boss but growth plan on track
17/07/2024
Revenues for the three months reached €1.015 billion.
While slightly down on last year, the quarterly total exceeds 2019 levels by more than 50%, reflecting the successful execution of the company’s Claim 5 growth strategy. The strategy is based on five pillars - boost brands, product is king, lead in digital, rebalance omnichannel, and organise for growth – and aimed to double sales to €4 billion by 2025, when it was launched three years ago.
The company said it had “realised further efficiency gains in its global sourcing activities”.
Hugo Boss CEO Daniel Grieder said: "Although the timing of any macro recovery remains uncertain, our strategy of consistently investing in our strong brands, Boss and Hugo, gives us confidence in our ability to continue driving above-trend growth and capturing further market share. By translating this sales performance and focusing even more on operating effectiveness, we have the ability to return to profitable growth in the second half.”
It expects full year sales to increase by between 1% and 4% to around €4.20 billion to €4.35 billion.
The group launched a denim brand, Hugo Blue, in March.
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