Hugo Boss sees ‘record year’ with £3.2 billion in sales
Hugo Boss reported full year 2022 sales were up by 27% to a record level of £3.2 billion (€3.65 billion), marking the first time in history that the company has surpassed €3 billion.
The FY22 report boasted broad growth across both brands, all regions, and all consumer touchpoints. EBIT was up by 47% to £298 million (€335 million), driven by strong top-line momentum.
All brands - BOSS Menswear, BOSS Womenswear and HUGO – recorded significant ‘double-digit sales’. The record performance reflects the brand's ongoing successful 'Claim 5' strategy, which drove consumer demand for the BOSS and HUGO lines by executing events, marketing, and sales initiatives.
Currency-adjusted sales for individual brands are as follows:
- BOSS Menswear up by 27%
- BOSS Womenswear up by 21%
- HUGO up by 27%
All regions contributed to the top-line performance, with momentum particularly strong in EMEA. Currency-adjusted sales in brick-and-mortar retail (including freestanding stores, shop-in-shops, and outlets) grew 29% whilst the digital business also recorded double-digit growth of 15%.
In 2023, the company expects group sales to grow at a mid-single-digit percentage rate and EBIT to increase to £333 million (12%).
Daniel Grieder, Chief Executive Officer of Hugo Boss, commented: "2022 was an outstanding year for HUGO BOSS.
"Thanks to the rigorous execution of our ‘CLAIM 5’ strategy, we made 2022 a record year for our Company with broad-based momentum across brands, regions, and consumer touchpoints. Most importantly, our bold branding refresh impressively fueled brand power of BOSS and HUGO. In achieving this, we have laid a strong foundation to further leverage the great potential of HUGO BOSS going forward."