Hugo Boss raises sales and earnings outlook
German fashion brand Hugo Boss has raised its sales and earnings outlook for 2015 as it looks to increase its store portfolio and exploit growth potential in Asia.
The group said it had raised its sales target to €3 billion and expected EBITDA to reach €750 million. The Group had previously forecasted sales of €2.5 billion and EBITDA of €500 million.
Chief executive Claus-Dietrich Lahrs said: "Hugo Boss has turned in a dynamic performance in the past two years. I firmly believe that we will continue to outperform our competitors in terms of future growth. Our strong brands and the further optimization of our successful business model will be the platform for this."
The group said it plans to generate around 55% of its sales from its own retail business in 2015. In addition to growth in the existing stores, there are plans to open 50 new stores each year. It is projecting that sales in Asia will almost triple by 2015 compared with 2010, mainly as a result of sharp increases in China.
In addition, the group is predicting considerable growth for the Americas, and the group’s womenswear business and shoes and accessories product segment are also expected to grow sales.
Lahrs added: "We want to make two-thirds of our sales from own retail. We will do this by opening new stores and also taking over franchise partners."
Earlier this Hugo Boss bought 15 franchised stores from UK retailer Moss Bros for £16.5 million.
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