Hugo Boss is reaping the benefits of its new strategy

Hugo Boss had the second best quarter in its long history. The new growth strategy is gaining ground and the fashion group is therefore raising its forecast for the full year.

physical and online

Hugo Boss saw its sales climb 34% in the second quarter to 878 million euros: the second strongest quarterly growth in the brand’s history. Growth was 41% in Europe and even 45% in America. In China, however, sales have been under pressure due to store closures due to the coronavirus.

Sales in physical stores increased by 38% and sales to wholesale customers increased by 51%. But online sales too, despite a very difficult basis of comparison, grew by double digits: +11%. The profit figures are not to be outdone: operating profit amounted to 100 million euros, against 42 million last year. Ebit is even 25% higher than in 2019.

The growth strategy is working

According to CEO Daniel Grieder, these good figures are the result of the new “Claim 5” growth strategy. The German fashion house refreshed the brand, modernized the boutiques and rejuvenated the collections. The group is also betting on digital and relocating production more to Europe to avoid supply problems.

Based on these preliminary figures, Hugo Boss is raising expectations for the full year: sales will increase by 20 to 25% to reach 3.3 to 3.5 billion euros. Previously, the group had forecast growth of 10 to 15%. The operating result will increase by 25 to 35%. The company will release its detailed quarterly report on August 3.

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Hugo Boss achieved the second best quarter in its history. The new growth strategy is gaining ground, says the fashion group, which thus raises its outlook for the year.

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