Hugo Boss expects slower growth in 2012
Luxury clothing brand Hugo Boss has predicted that it sales growth will slow in 2012 after reporting “record” results for 2011.
Pre-tax profit increased by 53% to €284.5 million last year with sales rising by 19% to €2.06 billion. However, this year the company expects sales to grow by a more modest 10% due to a probable slowdown in Chinese demand for luxury goods.
In its annual report the German company said it expects revenue of €3 billion and Ebitda of €750 million in 2015 as it expands its store portfolio and increases sales in Asia and the US.
The company is also forecasting that its retail business will represent around 55% of revenue by 2015 as it looks to open around 50 stores each year. It said sales in Asia are expected to represent more than 20% of group sales by 2015, compared with 13% at the end of 2010.
Hugo Boss is controlled by UK private equity firm Permira and is listed in Germany.