Hugo Boss sees quarterly growth
Hugo Boss saw currency adjusted sales grow by 6 per cent in its second quarter to €653 million, with the company’s online business growing at a “strong double-digit rate” of 47 per cent, according to its quarterly earnings report.
“The sales growth in the second quarter speaks for itself: we achieved almost double-digit growth in Europe and were also able to continue our recovery in the challenging German market,” said CEO Mark Langer.
“The performance of our online store is particularly encouraging. I am therefore very confident that we will achieve our targets for the full year.”
Performance in the Asia-Pacific region benefited from growth in the Chinese market, which increased by 8 per cent. Hong Kong and Macau performed well, recording double-digit growth rates, with sales also rising in Japan.
Overall, sales in the US market declined by 1 per cent, while Canada and Latin American increased by low and mid single-digits.
Europe benefited from mid single-digit growth in the retail space, and a double digit growth in the wholesale business. In Great Britain, currency adjusted sales grew 12 per cent, while Germany and France saw increases of 2 per cent and 5 per cent respectively.
“Our strategic realignment is taking effect. We are right on track,” said Langer, referencing the company’s two-brand strategy focusing on Boss and Hugo as separate entities.
This realignment has seen Boss stores open in London, Singapore and Munich, and the first Hugo store opened in Amsterdam at the beginning of June, with further Hugo stores to be opened in selected European cities, including Paris and London, in the second half of the year.
Access exclusive analysis, locked news and reports with Inside Retail Weekly. Subscribe today and get our premium print publication delivered to your door every week.
Inside Retail Polls
The retailer's loyalty program members drove 90 per cent of sales. https://t.co/fJeNmpRzph45 mins ago
The retailer plans to open three new stores in Australia this year. https://t.co/7CxvbKBTKV3 hours ago