Hugo Boss establishes material recycling company Eightyards
Hugo Boss is on a mission and that mission is to become climate neutral. With that being said, the fashion brand has announced the creation of Eightyards, an independent company that will recycle and reuse the company's surplus materials.
Eightyards, an entity fully owned by Hugo Boss, will manage the company’s surplus material from Metzingen in Germany.
The concept of Eightyards is intended to help Hugo Boss achieve climate neutrality and advance sustainability. This aligns with the company's pledge to achieve climate neutrality by 2030 and achieve climate neutrality throughout its entire value chain by 2045.
Under the leadership of Director Marketa Miltenberger and Co-director Placido Klitzke, who both join from within the ranks of Hugo Boss, Eightyards will officially begin its operations in January 2025.
The mission of the company over the coming years is to establish itself as one of the key facilitators for the recycling and reuse of surplus materials (e.g. fabrics) in various industries beyond fashion.
This initiative builds upon the company's sustainability strategy, "For A Bold & Better Future", which was introduced in 2023. It focuses on protecting the environment, meeting social and societal expectations, practicing responsible corporate governance, creating a planet free of waste and pollution, and generating value for the company, employees, shareholders and customers.
This follows last month's news that Hugo Boss' revenues were up by 1% during the third quarter of 2024, despite continued weak demand in China. Earnings before tax (EBIT) was down by 7% to 95 million euros in Q3 supported by focused cost management.