Hugo Boss' Claim 5 strategy continues momentum with “excellent start” to 2023

Building on from last year’s record-breaking momentum, Hugo Boss reports revenues are up by 25% percent to £851m (€968m) in the first quarter of 2023.

The strong start to the year was driven by the continuation of the Claim 5 strategy, which provided "substantial tailwinds throughout the quarter". This drove consumer demand for the BOSS and HUGO lines by executing events, marketing, and sales initiatives. As a result, growth was  broad-based with double-digit sales increases across the brands, all regions, and all consumer touchpoints.

All brands - BOSS Menswear, BOSS Womenswear and HUGO – reported double-digit improvements across all regions and all channels.

Currency-adjusted sales for individual brands are as follows:

• BOSS Menswear up by 23%
• BOSS Womenswear up by 28%
• HUGO up by 31%

Operating profit (EBIT) increased by 63% to £57 million (€65 million) in Q1. This development was driven by strong top-line performance.

From a channel perspective, growth was also broad-based. The digital business was up 22%, supported by the successful relaunch of the Hugo Boss app in February. Meanwhile, brick-and-mortar retail also saw success, with sales increasing by 26%.

Group sales totalled £851 (€968 million), compared to £679 million ( €772 million) the year prior. This represents an increase of 25% both currency-adjusted and in group currency.

Daniel Grieder, Chief Executive Officer of Hugo Boss, commented: "We look back on an excellent start to the year, as we further accelerated brand momentum around the globe.

"Following our strong performance in the first quarter, we remain all the more confident in the continued success of ‘CLAIM 5.’ We will make 2023 yet another record-breaking year for our company as we aim to achieve our mid-term sales target of EUR 4 billion already this year, thus significantly earlier than expected."

Looking forward to the year as a whole, the company expects sales to grow by 10% to around EUR £3.5 billion (€4 billion) and EBIT to increase to an amount between £325 million (€370 million) and £352 million (€400 million).