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Hugo Boss records the strongest quarterly sales in its history

Hugo Boss has reported that it has exceeded its full year sales targets after fourth quarter earnings helped propel the fashion house back to nearly pre-pandemic… View Article

FASHION

Hugo Boss records the strongest quarterly sales in its history

Hugo Boss has reported that it has exceeded its full year sales targets after fourth quarter earnings helped propel the fashion house back to nearly pre-pandemic levels.

The company said revenue rose 43 per cent in 2021 to €2.79bn, on a preliminary basis after adjusting for currency effects. That brings revenue to only one per cent below its 2019 result of €2.88bn.

The company had raised its outlook in October, predicting sales to grow by about 40 per cent on a currency-adjusted level, on the back of strong demand in Europe and the Americas.

Operating profit (EBIT) for 2021 is now at €228m. In October, it was raised to €175m to €200m, compared with a previous forecast for €125m to €175m.

Fourth-quarter sales stood at €906m, up 55 per cent from the year before, Hugo Boss said.

“2021 was a highly successful year for Hugo Boss,” said Daniel Grieder, Chief Executive Officer of the company, adding, “We strongly accelerated our sales and earnings development throughout the year and also made great strides in executing our new ‘Claim 5’ growth strategy. The upcoming weeks will see further important milestones, with the introduction of our new branding and the launch of the biggest Boss and Hugo marketing campaigns in our company’s history.”

The full balance sheet will be published on March 10.

Earlier in the week, it was announced that the brand will take a 5,400-sq ft unit at St James Quarter on level three, alongside the likes of Reiss, Kooples, Aesop, Russell & Bromley, Tommy Hilfiger, Calvin Klein, and the recently opened, H Beauty. St James Quarter is a £1 billion retail-led lifestyle district in Edinburgh.

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