Hugo Boss boosted by strong second quarter
Hugo Boss has enjoyed a successful second quarter with top and bottom line growth accelerating.
The fashion brand said the momentum was fuelled by the continued implementation of its growth strategy which was introduced a year ago.
Currency-adjusted group sales increased by 34% compared to the prior year period and were up 29% on pre-pandemic levels in 2019.
Hugo Boss said the uplift was driven by ongoing high consumer demand in Europe and the Americas.
The group benefited from several marketing initiatives in the period. These included global brand campaigns for Boss and Hugo which created a strong buzz on social media and drove brand relevance among younger shoppers.
The group’s digital business recorded double-digit growth with sales up 11% currency-adjusted against a particularly strong comparison base.
Meanwhile currency-adjusted revenues at bricks-and-mortar stores rose by 38%.
Due to the strong performance, Hugo Boss is forecasting that full year group sales will increase between 20% and 25% to a new record level of between €3.3 billion and €3.5 billion.
Daniel Grieder, chief executive of Hugo Boss, said: “Our impressive growth in the first half of the year reflects the many successes related to our comprehensive branding refresh. We have significantly increased the relevance of Boss and Hugo within a very short period of time. Based on this momentum, we will continue to work rigorously on the execution of our ‘Caim 5’ growth strategy and pursue our ambition to become one of the top 100 global brands.”